Friday, December 6, 2013

Bitcoin Tumbles after News from the China Government and Baidu

Bitcoin’s price fell sharply this week after the Chinese government said it would restrict its use by banks. This action also resulted in Baidu announcing it would no longer accept Bitcoins for payments.  The current price is $722, down from $1,207 last week. However, a Bank of America strategist said Bitcoin’s “fair value” is $1,300. 

  • Bitcoin's viability as a currency will remain challenged until the high volatility of its price swings diminish.

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