Bitcoin smashed 24% to below US$11,000

The Bitcoin price has been utterly smashed over the past 24 hours.

According to CoinMarketCap, the Bitcoin price has crashed by 24.17% to US$10,710.10 at the time of writing.

Bitcoin holders have had a nightmare since Christmas, considering the price was almost $US20,000 a few weeks ago.

For some people this crash will come as no surprise. The amount of ‘fear of missing out’ was huge and led to rampant speculation. That type of ‘investing’ only works if someone is willing to pay more than you did for the cryptocurrency.

Today’s recent crash is likely due to news that both Chinese and South Korean regulators are thinking about banning all forms of cryptocurrency trading and exchanges.

The cryptocurrency values have relied on people piling in for the price to streak upwards. Now that people know the price doesn’t always go up they may hesitate before putting any money in, which will hurt the price even more.

I think that there is a future for cryptocurrencies in some form, at least a digital type of currency. However, some like cryptocurrencies Bitcoin have inferior technology which could see it slowly fade into obscurity.

One of the newer ones may rise into prominence and everyday use. Perhaps the coin of the future hasn’t been released yet. I can see a company or government releasing a cryptocurrency which could become mainstream. Perhaps the KodakCoin will be the one to reach this level of usage.

Either way, I’m really glad that I never bought into the craze and I’d encourage my family to ignore the cryptocurrency craze as well.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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