It has produced overnight millionaires and even a handful of billionaires, been accused of killing the planet, and drawn the eye of authorities around the world. But after Bitcoin’s record year, the party appears to be ending.
Last week, the price of Bitcoin fell below $10,000 (£7,190), a 50pc fall from the all-time high it reached a little more than a month earlier. The fall is in stark contrast to much of last year, when the digital currency’s rise seemed unstoppable.
During the boom, amateur investors captivated by the craze bought Bitcoin on credit cards, mortgaged their properties and quit their jobs to trade cryptocurrencies. At the same time, a wave of scams emerged online and senior financiers slammed Bitcoin as a market mania.
The recent price fall has drawn eery comparisons to Jean-Paul Rodrigue’s classic asset bubble and has had investors asking whether Bitcoin has peaked. We rely on advertising to help fund our award-winning journalism. We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. Read more from telegraph.co.uk…
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