On December 17, Bitcoin was trading north of R310,000 on local exchanges. This morning, after a minor recovery, it trades at R159,000 - a precipitous fall. The wailing and gnashing of teeth as well as the smug Schadenfraude is out in full force. What other asset could lose 50% of its value in a month and still be trading? What other asset's holders are possessed of such evangelical self-righteousness? Some actually say they 'believe' in Bitcoin as if it were some digital deity. They require complete obedience to its holiness and take offence when it is criticised.  What is sobering is that it is still three times as valuable as it was six months ago, when it was trading for around R40,000, although the sellers are outnumbering the buyers and it remains in a fragile state. So, what happened? It's the old enemy - looming regulation. This from Reuters: Bitcoin, despite some stabilisation in late US trading, was half its record peak of almost $20,000 set on the Luxembourg-based Bitstamp...

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