RATE Group | The real cost of Bitcoin’s fall from grace
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The real cost of Bitcoin’s fall from grace

22 Dec The real cost of Bitcoin’s fall from grace

Posted at 04:37h in Bitcoin News by

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Bitcoin hit its highest valuation a year ago, reaching above £15,000 on some exchanges.

Since then, a unit of the cryptocurrency has dropped 80% and is valued at less than £3,000.

Sky News has learned that hundreds of businesses are being dragged down with Bitcoin’s value, and with them mortgages and even marriages.

The dreams of getting rich for some of those who spoke to Sky News were not especially virtuous or grounded in notions of productivity.

Many of the Bitcoin investors recognised their own opportunism and expected the bubble would burst, and the price would eventually plummet, but they expected to sell before this happened.

Others confessed to being blinded by the fear of missing out. Even if they enjoyed the casual chat about how the future of global exchange naturally lay with a decentralised currency, they just expected to get rich quick.

In general, this did not happen.

Analysing data from Companies House and OpenCorporates, Sky News has found that at…

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