Thoughts on Technology, Finance, Public Policy and more
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. MY TAKE
Bitcoin's viability as a currency will remain challenged until the high volatility of its price swings diminish.