InfoApril 22, 2013 · Economic
Bitcoin Bubble Burst? Digital Currency Suffers 80% Drop In Value, However, These Crashes May Prove Beneficial For Future Longevity of The Peer-To-Peer Currency
Bitcoin, a Decentralized, Electronic Currency, Crashes 80% In Value on April 10th, Majority Of Investors Still Stand Behind Bitcoin For The Long TermPress Release VideoDetails(prREACH)
Bitcoin, the online, decentralized currency, experienced a month of massive growth until a sudden 80% drop in value last week. The peer-to-peer currency hit its peak at $266 on April 10th, before plummeting to $55, causing investors and observers to question the future of the currency.
Before the crash of Bitcoin on April 10th, MTGox handled 80% of all Bitcoin exchanges, and was the largest exchange platform for the currency. MTGox was temporarily been shut down for 12 hours on April 11, 2013, after a major hacking attack on the platform. MTGox has now reopened to a very tense trading environment.
The decentralized currency emerged in 2009 to avoid overreaching governments and central banking scams and demand for Bitcoin has increased since recent economic unrest in Europe.
A majority of investors are still standing behind the decentralized currency, including The Winklevoss twins, rivalries of Facebook creator, Mark Zuckerberg. “We have elected to put our money and faith in a mathematical framework that is free of politics and human error,” stated Tyler Winklevoss in a recent article.
According to, Jarrod Dennis, author of the Bitcoin Revolution: Ending Tyranny For Fun and Profit, “Bitcoin is the first to crypto currency to really have a market impact,” said Dennis. “And unlike other disruptive technologies, like the digital camera, Bitcoin deals with peoples’ money, which is an emotional investment.”
What remains to be seen is how long Bitcoin takes to bounce back from the hack of MTGox. The issue may be how long it takes to regain its previous value. However, due to the strong fundamentals of Bitcoin, the digital currency is still a strong investment opportunity and holds the potential to play a key role in the reduction of government, inflation, and capitol controls.
“The trend of people looking for alternate currencies will continue rising rapidly as the debt crisis and currency crisis continue around the world,” said Dennis. “When the U.S. Dollar and the Euro finally fail, the entire world will be thrown into chaos and people will be desperately searching for a new currency.” Bitcoin may be just what the world needs to dust itself off and stand up again.
About Success Council:
Success Council is a liberty-based group formed in 2012 to teach people how to survive and thrive economically in a global financial crisis. Its founding members, Jarrod Dennis and Max Wright are authors of the Bitcoin Revolution: Ending Tyranny For Fun and Profit, which is available at Amazon. For more information on the Bitcoin Revolution, or Success Council, visit: http://www.successcouncil.com/
Jarrod Dennis Success CouncilLinksQuotes“The trend of people looking for alternate currencies will continue rising rapidly as the debt crisis and currency crisis continue around the world,” said Dennis.ImagesContact
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