Bitcoin enthusiasts have been bemusedly watching the decline in the value of the digital currency, as expressed in US dollars, over the past year.
The numbers are painful - Bitcoin (BTC) is down from $1,162 in November 2013 to $322 at the time of writing.
Bitcoin on a kamikaze dive?
Much has been written on the causes that precipitated this decline of over 70% and just as a recap, here’s a list:
- Asset allocation – BTC investors moved on to other assets
- US dollar strength – BTC went the same was as gold, silver and crude – south!
- BTC miners cashing in rather than holding the cryptocurrency
- More merchants using BTC – unfortunately merchants are risk averse and...
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