Bitcoin price LIVE: Coin price falling after fears electricity use will surpass Argentina
7.55 – UPDATE – Price recovers from $12k shocker
Even the great man himself, Colonel Sanders, couldn’t save bitcoin’s price from the steady flow of falls and slight rises we’ve seen so far this week.
Bitcoin’s price is down at $13,361 (£10,063) having recovered slightly from an overnight fall to $12,879.
As thoughts turn to bitcoin’s usability as a mainstream currency Morgan Stanley is reporting that electricity consumption for bitcoin this year could be as great as, or even exceed, that used by global electric vehicles in 2025 and the entire country of Argentina.
Analysts at Morgan Stanley said: “Bitcoin power demand in 2018 (c.120-140TWh equating to 0.6% of world consumption, or consumption of Argentina) will, in our view, be bigger than our projected global EV demand in 2025 (c.125TWh), but is still small on an absolute basis and will not likely have a material impact on utility stocks any time soon.”