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Title: [2014-08-23] Tech race fuels Bitcoin mining bubble Post by: ganabb on August 23, 2014, 02:12:57 AM http://www.ft.com/cms/s/0/140813c0-2938-11e4-9d5d-00144feabdc0.html#axzz3BB4l163a
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/140813c0-2938-11e4-9d5d-00144feabdc0.html#ixzz3BB57TChB If Bitcoin is a bubble, it is a bubble that began deflating on November 29 2013. At its proudest moment the price of one unit of the much-ballyhooed virtual currency was $1,242, which meant the value of all the Bitcoins in the world was just under $14bn. These days it trades mostly in a range of $450-$650 a coin and at a market cap of $6.5bn. The jury is still out on whether the Bitcoin technology will prove robust and the currency itself will find mainstream use. If the answer to either question is no, then no amount of hot air is likely to keep the price at current levels. |