The Student News Site of Lake Fenton High School

Trouble Brewing in Bitcoin?

February 15, 2018

Bitcoin+doesn%E2%80%99t+have+any+physical+currency%2C+so+these+virtual+coins+serve+as+a+reference+to+the+value+of+owning+Bitcoin.
Bitcoin doesn’t have any physical currency, so these virtual coins serve as a reference to the value of owning Bitcoin.

Bitcoin doesn’t have any physical currency, so these virtual coins serve as a reference to the value of owning Bitcoin.

Jessica Gale

Jessica Gale

Bitcoin doesn’t have any physical currency, so these virtual coins serve as a reference to the value of owning Bitcoin.

The price of Bitcoin has hit an all time low as buyers wonder what the future brings for the electronic currency. The price dropped wildly on January 23, falling 14% to $5,920- the first time in since August of last year. Most experts say the price is going to drop as more and more people start to distrust the system that has made them rich.

The new head of the Bank for International Settlements, Augustín Carstens, also said Bitcoin threatened to undermine public trust and central banks, pose a threat to financial stability, and he signaled the global clampdown.

This theory of financial stability falling down is unprecedented when compared to how mainstream the national banking system has been for Americans since the beginning of the country. The fact that there is this mysterious new way to make money that is essentially incorruptible is intriguing for a lot of people, a reason for the spike in popularity of Bitcoin that happened in early 2017. As more news surrounds the up and down nature of Bitcoin, look to invest only a safe amount, as Bitcoin might be nearing the end of its line.

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