A representation of a virtual currency. Bitcoin’s price was supposed to go to the moon.

Yet over the past six months, from high to low, the linchpin of the entire cryptocurrency craze has shed 66 percent of its value. It’s an unraveling almost on par with the Nasdaq index during the dot-com bust, or U.S. bank equities in the financial crisis.

Thankfully, the wider economy has been spared deep pain — even if the full cost of scams and swindles, which by one measure totaled $670 million in a single quarter, has yet to be calculated. Bitcoin’s price is down by around two-thirds from December’s record high It’s tempting to believe that what you could call the “Big Short” moment has come and gone.

With the price at about $6,500, the cryptocurrency crowd talks of a “screaming buy.” Hedge fund
Pantera and venture firm
Blockchain Capital are predicting a rebound to $10,000 or $20,000 within the year.

That’s a doubling or tripling in months. It’s happened before. Read more from bloomberg.com…

thumbnail courtesy of bloomberg.com