As we begin 2015, today King World News takes a look at the magnificent rise and fall of Bitcoin as well as what the future holds for the battered cryptocurrency. Below there are some amazing stats about Bitcoin and its future, and an even more astonishing quote from one of its biggest critics.
On December 8, 2013, with the price of
Bitcoin near its all-time high, Bill Fleckenstein issued this ominous
warning to King World News: "It
(Bitcoin) is a giant chain-letter. Everyone will lose all of their
money that puts money in it. It's a complete joke. Even a crappy
currency has government taxing ability behind it, or some sort of a
standing army or something like that. Bitcoin is nothing. It's dot-com
mania 3.0 just moved one step over, right? People are so enamored with
communication with their phone and online commerce and all of that.
Now they've invented what they call a currency to mess around with it,
and people are speculating in it the same way they speculated in this
other crap. It's not a currency at all, it's a complete joke."
The chart below shows how timely Bill Fleckenstein's warning was regarding the Bitcoin craze:
Since
Fleckenstein issued that timely warning, the price of Bitcoin has
plunged to a recent low of $257.71. The key question now:
Having plunged more than 72 percent from the peak of a lower high set
on January 6, 2014, is there hope for the battered cryptocurrency?
Well,
since January of 2013, the amount of money invested in Bitcoin startups
has grown more than 100-fold. And even with the collapse in the price
of Bitcoins, today they are worth more than 20-times what they were
worth at the start of 2013.
There
is no question that 2015 will be an important year for Bitcoin. All
Bitcoins today are worth nearly $5 billion. We will just have to wait
and see if transactions in the cryptocurrency increase. Meaning, for
Bitcoin to be a success, use of the digital currency by the public will
have to dramatically increase.
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