Bitcoin can be the future of money, says Goldman

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The past few weeks have been a wild ride for cryptocurrency.

At its lowest, bitcoin dropped by more than 12% on the news, and Ethereum (ETH-USD) tumbled even worse. The important thing to remember here is this: all it takes for a currency or commodity to have value is a group of people to agree that it has value. According to the representative contacted for this article, the company's support team was "last updated on December 27, 2017" with no timeline available on when customers would once again be able to use bitcoin or other cryptocurrencies such as Ripple. Bitcoin is experiencing a boom right now, but cryptocurrency is like any other investment: it goes up as well as down. It had begun to accept cryptocurrency as payment back in 2014.

Bitcoin speculation has certainly hit the headlines, but despite representing some kind of latter-day gold standard, the currency may never be anything other than a conduit for speculation. At the moment 5% of those aged below 35 have invested in the cryptocurrency, with 11% definitely planning to invest next year and a further 17% considering investing by the end of 2018.

Bioptix's shares jumped 400% after the company changed its name to Riot Blockchain and reported it was looking at ways to get into the cryptocurrency business. This is combined with the shutdown of several exchanges as well as a potential banning of initial coin offerings (ICOs). After that there was a major correction and since then Bitcoin has not recovered its price which was nearly hitting $20,000.

Bitcoin, the largest and most well known cryptocurrency, is up 5% Friday.

Also, bitcoin - no matter how hard we try - is not a transaction coin.

If cryptocurrencies were to be branded as the most recent addition to the existing financial instruments, they would effortlessly take over the podium as the best-performing asset class in 2017. Its developers seem to be taking all the necessary steps for maintaining high transaction speed in the network's ecosystem, while solid third-party specialists are likely to provide Ethereum with the main market positions by year-end. A drop of 50% is significant, but considering the fact that the majority of currencies are performing poorly, it may not be something to be too anxious about.

If so, when bitcoin regains dominance over the global market, its market valuation will be able to surpass the trillion dollar mark, as analysts including billionaire investor Mike Novogratz stated earlier this month.

"According to the European Central Bank, traditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors". But "overvalued" is trading at P/E of 20 instead of 15, worthless tokens with market caps of billions is Bosch and Bruegel madness.

Dubbed the "Chinese Ethereum", NEO has performed as exceptionally well over the past few days - just like its cousin.

And while no country has actually launched its own cryptocurrency yet, some governments have made steps towards doing so.

Bitcoin has to be the first one on this list. Bitcoin's value has increased steadily through the afternoon.