Bitcoin RIP?

RIP Bitcoin

Public radio says the much-touted virtual currency is on the way out. Want to bet?

Via NPR:

“Prices of virtual currency bitcoin fell 20% Wednesday and are now down more than 50% from their record high hit two weeks ago amid worries that China is moving to block the purchase and use of the currency by its citizens,” .

Bitcoin’s big slide began two weeks ago, , when Chinese authorities told banks there that they couldn’t trade in the currency. Officials were worried, NPR’s Frank Langfitt reported, about a lack of control over bitcoins that “makes it easier to launder money and finance terrorism.”

Wednesday, , “BTC China, the biggest bitcoin exchange in that country,” announced it has “temporarily stopped” accepting yuan deposits into bitcoin accounts. The news followed reports that “the People’s Bank of China had a meeting on Monday with about 10 major third-party payment processors and ordered them to stop working with bitcoin exchanges.”

The result: “On Wednesday, bitcoin prices fell another 20 percent to $550.02, down more than 50% from its high of $1,147.25 two weeks ago,” the Journal says.

And according to MarketWatch, “some in the Twittersphere [are] reading the last rites for the virtual currency that has captured the world’s attention.”

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  • American Cannibal

    My biggest regret this year was selling my single bit coin back in January when it was worth about $24.

    • T.j. Thomas

      I saw a bunch of physical coins for sale on Ebay at this time last year selling for about $10 each. That was when I first heard of Bitcoin. Now they’re going for a few hundred dollars to over a thousand each.

      • American Cannibal

        I know.

        : (

  • Aipeed Teaitchse

    This Yakuza shit is still worth twice as much as it was a month ago and 50x as much as it was worth a year ago (and it’s currently 584x more valuable than the US dollar). It’s volatile and unpredictable but if you invested in it last year you’d be sitting pretty right now….would’ve been better off yesterday but you still wouldn’t be complaining. Let’s see where it’s at next week.

    • Dingbert

      Yes, if treated as a security, it’s a blast for speculators. But with that volatility, it’s useless as a currency. What keeps Bitcoin alive is its international and anonymous nature that coexists with standard currencies.

  • VaudeVillain

    Don’t worry, they’ll unban it later so they can do the same thing again. The Chinese scammers behind the pump-and-dump that’s just ending needed a convenient excuse to get out, this is just their smokescreen to potentially keep from killing the Golden Goose.

    • Dingbert

      Bitcoin is a currency manipulator’s wet dream.

  • DeepCough

    Investing in money, especially a burgeoning currency like Bitcoins, is always going to be a boom-or-bust deal.