BS Number Wise: Throttling innovation due to speculation may harm Bitcoin

Bitcoin is easily influenced by governments and whims and wishes of famous personalities and companies

Last month, the value of Bitcoin fell below $30,000. It had touched a high of $61,000 in March. Although Bitcoin is now trading at over $37,000, speculation is rife, and the currency may go either way.

Avoiding the pitfalls of the gold standard and silver standard, Bitcoin and other digital currencies have been able to solve the problem of uncertainty by allowing only a fixed amount of currency in circulation. The issue they have not been able to resolve is volatility in value. The value of fiat currencies, like the Indian rupee or US dollar, is based on fundamentals, but