BITCOIN DIARY: After the fall, holes in the holy currency
'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'
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.