The price of Bitcoin hit a low of around $275 USD this weekend.
This is the lowest price seen since last December’s massive bubble shot the price up above $1000 USD before coming back down.
These prices come amid relatively good news in the Bitcoin world as well. Though certain issues such as the ongoing drama with Butterfly Labs and Russia’s renewed hostility toward Bitcoin may put a damper on things, it seems to be outweighed by entities like PayPal, Greenpeace, and United Way taking their first forays into Bitcoin.
As of press time today, the price sits at around $325 USD.
Year-Over-Year
While the price of Bitcoin has shown fluctuations over the years, it has been fairly consistent in its increased value year-over-year.
And despite the recent price drop, that pattern still holds true. At this time last year, Bitcoin was trading for an average of about $120 USD on Bitstamp. However, in order to continue that trend, Bitcoin will need to see a large increase in price, as around this time last year it was on track to its all-time high of around $1150 USD at the end of November.
Bitcoin’s Success Doesn’t Depend On The Price
There are several theories on what’s driving Bitcoin’s price drop. And while those who see Bitcoin as an investment tool may view it as a failure, the rest of us will have a hard time viewing it as such.
After all, it’s Bitcoin which allowed many of us to start thinking outside the box of centralized currency. It’s Bitcoin, and blockchain technology, which gave many of us hope for a more transparent, decentralized world. And technologies currently being developed, from Ethereum to Dark Wallet, wouldn’t have been possible without Bitcoin.
It has created thousands of jobs in an economy that desperately needs it. From entry-level customer service to sales to tech to business executives, the Bitcoin world arguably holds more promise than the traditional economy.
So even if the price crashes further, this writer would call Bitcoin a success.
Is Bitcoin A Failure?
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