As the rumors of a crackdown by the People’s Bank of China have solidified over the past few days, Bitcoin prices have been hit hard.
This week saw more developments in the Mt. Gox bankruptcy, while major banks and regulators continue to struggle to understand the digital currency.
The latest Bitcoin news for the week of March 2-7.
With the Mt. Gox Bitcoin exchange offline… a primary concern of customers who had accounts there is getting back lost bitcoins – can they be retrieved?
Now that the Mt. Gox Bitcoin exchange has gone dark, rumors are that the digital currency’s future looks dark – but …
The short answer to why Bitcoin prices dropped today (Monday) is that Mt. Gox briefly had everyone thinking that a serious new flaw had been discovered in the software that controls the digital currency – but that’s not the whole truth.
Bitcoin prices climbed back over $1,000 yesterday (Monday), less than two weeks after the virtual currency crashed below $500.
I strongly believe that everyone should own some physical gold. It’s been the store of value, and the preferred method of asset protection for more than 5,000 years. It’s irreplaceable.
But I also believe that every investor ought to own at least some of the new digital money known as bitcoin.
Bitcoin has been in the news a lot lately, but few people – even those talking about it in the media – really have a solid grasp on this groundbreaking digital currency.