Bitcoin: A Modern Gold Rush?
Although it may seem strange, there are quite a few parallels between the California Gold Rush and race for hash rate to mine bitcoins.
However, as the infographic suggests, it is too early to tell if bitcoins will be as good as gold in terms of storing value. The price has been unstable and fluctuates rapidly. The chart below details the past three months of the price (May 2014-July 2014). Prices fluctuated between approximately $427 to $665.
While the first “gold rush” for bitcoins may be over, the future of the blockchain and cryptocurrency appears bright. These innovations have the potential to disrupt and transform several industries. That’s where the next “gold rush” is already occurring – it will be exciting to see what wealth is created.