Bitcoins, What goes up must always come down. The latest industry news regarding the crypto currency’s place in the market is questionable; in 2013 bitcoin topped at $1,100, however since then fluctuations see it at around $590 or less on the CoinDesk Bitcoin Index.
Call it the summer of the declining Bitcoin if you will. Remember the old saying; what goes up must always come down? Well this is the very situation for the Bitcoin. As many are calling it, the ever so shrinking e-gold currency is steadily continuing to decline with unanswered reasoning’s.
When the crypto-currency was first “discovered” everyone thought it was the answer to gold and flat currency, and was rushing to purchase before values advanced to amounts that weren’t affordable. The predictable values sky-rocketed but quickly declined and continues to do so.
No one really knows exactly what, or where it went wrong. All we know is that back in July it seen its highest point valuing in at $650. Friday it went down to $400 with no reassurance in sight of which way it will go next. Anything is possible with the Bitcoin though, as we have all seen in the past. It’s a pretty big guarantee that the predicted amount of $50,000 Bitcoins dampening the market will probably never be seen, but we never know.
Many people who didn’t understand the process or how the digital wallet worked bought Bitcoins when they were precipitated, and paid more than they are currently worth today. In Las Vegas, Robocoin currently owns a ATM where customers with the use of a debit card can obtain access to a bank account, convert their cash to Bitcoins and vice versa simply by entering their phone number, PIN and a palm-print scanner identity scanner.
This past Friday, the 2014 Bitcoin Expo kicked off in Shanghai with a party that will last throughout the weekend. The agenda for the annual expo will be held as an event with an aim to bring together western Bitcoin influential’s and visionaries to Shanghai to network them with local key players.
Although, we may never know which direction Bitcoins will yield, there is always hope they could make a major comeback with a quick gain and surprise shareholders across the board.