Currency Specialist at Citigroup: Mining Costs Make Bitcoin Volatile
There's no shortage of explanations in the community as to what makes bitcoin volatile, but if you ask Citigroup currency specialist Steve Englander, he'll telling you a contributing factor has to do with bitcoin mining. Specifically, the costs associated with mining (that is, the money being invested in new mining technologies, rigs, etc.), which he says makes bitcoin "volatility inevitable." The information comes from a note released on Tuesday, in which Englander writes (via Barron's): Bitcoin mining has evolved from cottage industry to heavy industry over the last couple of years and....
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