Has Bitcoin Jumped The Shark?Submitted by Smaulgld.com on Sun, 03/30/2014 - 12:03
Last Thanksgiving Bitcoin was on a roll. Recently discovered by the mainstream media and the subject of Congressional hearings, Bitcoin was declared a legitimate financial instrument by the U.S. Justice Department, hailed as a "game changer" and identified (incorrectly) as "holding promise" by Ben Bernanke the then Chairman of the Federal Reserve. The price of Bitcoin soared from around $200 at the start of November to over $1200 on Mt. Gox in early December.
Indeed, the euphoria over Bitcoin was such that at the end of 2013, fifty six percent of Bitcoiners predicted a price of $10,000 per Bitcoin in 2014, while other Bitcoin proponents predicted $100K to $1M per Bitcoin.
In just a few months Bitcoin has gone from being on top of the world to falling out of favor. While the Bitcoin technology holds massive promise, the price of Bitcoin does not.
It's time to call "dotbomb" on Bitcoin.
It's 15 minutes of fame is coming to an end.
Bitcoin has jumped the shark.