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There’s no telling when Bitcoin will stop falling

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There’s no telling when Bitcoin will stop falling

Bitcoin, the virtual currency that lost 45% of its value after shooting up to more than $1,100 last year, is poised to tumble further, according to the latest Bloomberg Global Poll of financial professionals.

More than half (55%) of those surveyed said the virtual currency trades at unsustainable, bubble-like prices, while another 14% said it’s on the verge of a bubble. Only 6% of respondents said a bubble isn’t forming, while the remaining 25% were unsure. For the poll, Bloomberg surveyed 562 investors, analysts and traders who are subscribed to its services.

Bitcoins emerged from a 2008 paper written by a programmer or group of programmers under the name Satoshi Nakamoto, becoming the most popular virtual currency. It relies on a public ledger and cryptography to record transactions and protect ownership.

Its prices have swung between more than $900 to as low as $341 this year, after a major exchange, Mt. Gox, went bust, and governments all over the world expressed concerns that it could be misused by criminals.

Bitcoins, which traded for about $13 at the start of last year, were valued at about $625 late yesterday.

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.