This past weekend’s sharp drop in bitcoin prices has garnered the attention of several major business media outlets and has spawned speculation as to what lies ahead.
North American followers of the financial markets are waking this Monday morning expecting to hear more on the latest round of volatility that had resurfaced last week. They will be surprised to find related stories on cryptocurrency intermingled in the headlines.
Other headlines around the web read, “Bitcoin price volatility sparks fear of crash”, “Bitcoin’s Fall Below $300 Concerns Investors”, and “Bitcoin Has Been Getting Obliterated”.
The interest of financial blogs, usually more focused on stocks, has also been piqued. Sites like Seeking Alpha and Motley Fool have posted contributions expressing bearish views.
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Many community faithful continue to dismiss the news. Some have declared the declines as a magnificent buying opportunity. Others argue that it’s not the price that matters, but the revolution Bitcoin will bring to the world of finance. Another iteration of the argument goes something like this: it’s not the price that matters- since you need to think long term when when it comes to prices….
Roger Ver tweeted:
For anyone complaining about the current price of bitcoin, remember it has more than doubled over the last 12 months. pic.twitter.com/FVv18UuODW
— Roger Ver (@rogerkver) October 5, 2014
…although this won’t be the case in 6 weeks.