Man oh man… So it feels like all we’re witnessing lately is the continual price plunge of bitcoin. Recently, the digital currency fell over a 24-hour period and finally came to hover at around $230. When we thought the worst was over, it later dawned on us that the worst hadn’t even come yet.
Following this dramatic drop in price, bitcoin has now fallen below $200, thus dropping another 15 percent. Will the drama ever end? Will the plunge eventually cease and will bitcoin make a triumphant return?
In a previous post, it was mentioned that bitcoin worked similarly to stocks. One minute they’re up, one minute they’re down, and there’s that old saying that comes to mind… You know the one about how things must always get worse before they get better… But it’s getting hard to believe in things like that, and many are starting to panic. In times like these we really have to look at bitcoin and ponder the idea that despite all the efforts, bitcoin may have outworn its welcome.
The recent Bitstamp hacking is likely to have played a role in the drop, but from the look of it most people just aren’t quite willing to give up the idea of traditional banks and paper money. Maybe these things aren’t a thing of the past just yet.
Bitcoin’s intentions are noble, but if no one is willing to make the move, it doesn’t matter how noble those intentions are. The journey can never be made.