Bitcoin crashed 50% this Friday just before the start of the Christmas Holiday.
From around $19K, BTCUSD fell to around $10K then made a recovery to around $13K.
When the market opens after Christmas holidays BTCUSD can fall futher and can go below $8K.
I have written a blog post in which I have analyzed bitcoin future and what to expect.
Bitcoin has some design flaws that will ultimately cause its downfall.
After all it is a technology and like any other technology it will be replaced by better designed altcoins.
The most severe design flaw is its energy sucking mining process that consumes more energy than the country Ireland.
If its Proof of Work algorithm is not changed, its energy suck was increase exponentially causing environmental concerns.
Second it can only make 7 transactions in one second. Third is the huge volatility.
Just imagine a currency losing 50% of its value in one day. Can that country survive?
Losing 50% of the value in one day can be a severe blow to many people who are holding bitcooins.
