If
Bitcoin is a bubble, as its critics contend, it is showing signs of
deflating.
A
rapid succession of moves by governments around the world has cast
doubts on the legitimacy of the virtual currency, and its price fell
about 60 percent at one point on Wednesday morning from its high
earlier this month. It recovered some as the day went on.
The
price volatility is underscoring Bitcoin’s sensitivity to decisions
by government officials despite its promised status as the first
global currency free of government intervention and oversight. Money,
it turns out, is still a government prerogative.
“This
tight regulation is really counter to what a lot of folks thought was
going to happen,” said Mark T. Williams, a finance professor
at Boston
University who
has been tracking Bitcoin. “Regulation is the future of e-currency,
not decentralization as many had hoped.”
The
most damaging news for the digital currency has come out of China,
where the largest Bitcoin exchange, BTC China, said on Wednesday that
it would no longer accept deposits in renminbi, the Chinese currency.
“For
reasons we all know, BTC China has had to cease renminbi-account
charging functions,” the exchange said in a message on its verified
account on Weibo, China’sTwitter-like
messaging service. It said that it would continue operating and that
existing deposits and renminbi withdrawals would not be affected.
Source:
nytimes
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