Some more bad news for bitcoin… It appears the price has fallen again. As if it’s drop below $300 wasn’t bad enough (what a great way to ring in the New Year), the price has continually fallen over the last 24-hour period and is now standing at around $230.
Boy, what a plunge for something that so many people continue to have faith in. Well, perhaps they have a point. We’ve all heard the saying “What goes up must come down,” right? Well, wouldn’t the opposite hold true as well? What goes down must eventually come back up.
Enthusiasts are being told not to panic (yet) and hold onto their coins to see if that rise comes in the near future. After all, a drop may only be temporary as we’ve seen before…
The price of bitcoin works like stocks. It has its high days and low days, and it’s up to you, the loyal enthusiast to keep an eye on it and see where its direction goes, and whether it goes north or south is bound to have an influence on whether you buy or sell.
The same goes for the American economy. Those of us who experienced the recession of 2008 know all-too-well what the effects of a downtrodden economy can be. Gas went up, bankruptcy and foreclosure rates went up, and unfortunately, suicide rates went up.
But now America is getting back on track. Like a crashed economy or stocks, bitcoin will likely reach the top again, and while it may never see anything like the days of 2013 soon (where bitcoins were priced at over $1,100 each), one must always remember that there is a light at the end of the tunnel, and nothing remains in the dumps forever.