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There are almost daily warnings of a possible crash. A comparison is often made with the dot-com bubble, which was also strongly driven by expectations. In addition, the Bundesbank repeatedly called on investors to be cautious in May and described the cryptocurrency as an object of speculation.

In fact, the rise in prices over the past few years can hardly be explained with fundamental data, says Dirk Schrade from the Bundesbank. "Bitcoin has no intrinsic value, you can't make jewelry with it and you can't hang it around your neck," says the payments expert. Bitcoin only has an exchange value that one has to hope that users will continue to accept it in the future.

In fact, many Bitcoin enthusiasts believe that completely different prices for cryptocurrency will soon be accepted. Some of the predictions go as high as $50,000 per unit. For some fans, it may not even be about the money. "People buy bitcoin in the hopes of increasing value in the future or that this is something that could become more important in the future," Schrade says.

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