SAN FRANCISCO — In December, Bitcoin seemed like the next big thing. One Bitcoin was nearing $20,000, financial journalists were starting to seriously consider whether Bitcoin could replace safe-space investments like gold and companies sprouted up to sell Bitcoin to the general public.
It’s been pretty much downhill since. One bitcoin is now worth a little less than $6,500, and public interest has waned.
Such is life for Bitcoin proponents. “I’ve seen Bitcoin drop from $20 to $2 and $1,200 to $250,” said Jeremy Gardner, managing partner of the investment firm Ausum Ventures and the proprietor of San Francisco’s Crypto Castle, a living space for people working in cryptocurrency.
“Hyper-growth followed by a heavy correction isn’t new.” Two weeks ago bitcoin jumped above $8,000 and everyone was excited that the worst of the bear market was over.Today, bticoin is back at $6,300, near the lows of the year. Here’s the year-to-date chart.
Lower highs and lower lows all year, via @coindesk pic.twitter.com/XUwlv6q0fB Nick Colas, co-founder of the market analysis firm DataTrek Research, has been covering Bitcoin since 2013. He said the volatility over the past few months should come as “no surprise” for a digital currency that ebbs and flows based only on how people feel about it. Read more from nbcnews.com…
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