http://www.pymnts.com/in-depth/2014/bitcoin-hits-a-wall-and-drops/#.U_AZgqOrYU8As summer wanes, the news about bitcoin is starting to heat back up, but not in a good way. The price of bitcoin is dropping a bit and the CFPB is warning consumers against its use in a big way. CFPB Director Richard Cordray said, “Virtual currencies are not backed by any government or central bank, and at this point consumers are stepping into the Wild West when they engage in the market.” The U.S. wasn’t alone in their warnings and skepticism, with European Banking regulators also asking banks and financial institutions to steer clear of virtual currencies. Although they didn’t name bitcoin specifically, there’s little doubt as to what the officials were alluding to.
