Thursday, October 9, 2014

Bitcoin Has Burst

John Authers at FT nails it:
The bitcoin bubble has burst. This was wholly predictable, and the market fallout is now dramatic. In the past two months alone the cryptocurrency’s price in dollars has fallen about 44 per cent, according to Having peaked last year at about $1,150, it was this week trading just below $330
Playing the market now would be a bad idea. As there are still bitcoin backers happy to predict that the price could hit $10,000 within three years, the moment of capitulation has not yet arrived. And, in any case, its price is still about 160 per cent higher than it was two years ago; there is room to fall far further.

Proponents of bitcoin still talk in broadly messianic terms about its revolutionary potential. Its detractors denounce the idea as a Ponzi scheme or a “con”.

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