05 Dec '13, 10pm

Is that the sound of the Bitcoin Bubble popping?

Is that the sound of the Bitcoin Bubble popping?

Is Bitcoin a viable currency, a speculative investment, or both? If the trends of the last few days continue, the answer might someday be “none of the above.” The price of a Bitcoin dropped by about 30 percent on Thursday morning, from around $1,200 to about $870 on the trading exchange Mt. Gox . This followed an announcement by the People’s Bank of China that Bitcoins do not “possess the same legal status as currency” and all financial institutions in that country are hereby prevented from using them for that purpose. Reasons given included the fact that Bitcoins are not governed by a central monetary authority and can be acquired or spent without revealing one’s identity. Greenspan: ‘A bubble’ Also today, the Bank of France cautioned that Bitcoins are “highly speculative,” with no value or assurance behind them. And on Wednesday, former chairman of the U.S. Federal Reser...

Full article: http://venturebeat.com/2013/12/05/is-that-the-sound-of-th...

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