Very sad for the Bitcoin BTC and cryptocoins community in general to see the price of Bitcoin isn’t doing well at all. As many puts it, “up a little, then dropped like a rock” the trend kept on repeating weeks after weeks and now months after months. Look like no expensive Christmas present that people in the cryptocoins community can afford this year. Many were hoping the price of Bitcoin goes up to $1000 once again during Christmas, but apparently it doesn’t look like it and in fact it kept on falling, as many predicted 290s by the end of next week which is beginning of November and then by end of November Bitcoin price most likely fall as low as 190s or less.
So what’s the cause? beside buy and sell, and the sell volume is higher than the buy, what causing people to do this? No one really know. There isn’t any bad news, except today the Bitcoin Foundation Executive had stepped down. Then in Australia there will be a $9 Million worth of government Bitcoin for auction. Similar to the US government did few months ago, where 30,000BTC was auctioned and the winner paid about $700 per Bitcoin, OUCH! look at the price now $320 at the moment. That’s a big loss from $700 to $320 per BTC multiply by 30,000BTC :(. Hang in there buddy, there always light at the end of the tunnel.
I and many people in general hope that Bitcoin will rise again. All anyone can do is speculate, there isn’t any real data to predict accuracy on the price for the next few months or year. Some say it will be back down at 100s realistically possible at the moment with the current trend. However there are some wild prediction that it will go up to $1000 again in mid 2015 or Christmas 2015, but some also predict below $100 by end of 2014 toward 2015.
So what can help Bitcoin now? Realistically there are some talks about paypal might adopt Bitcoin, and the same time ebay as well since Paypal and Ebay are the same company in general. Amazon took interest, and off course Bill Gate mention digital currency Bitcoin, maybe Microsoft have something planned for the future that would include Bitcoin as one of its standard deployment. We can only hope, not sure if anyone can make wave to push, as the negative side of Bitcoin are not totally secure protected from hackers. Hackers can hack Bitcoin pretty easily by targeting week wallets unsecure wallets or massive attack of larger wallets like what could happened to MtGox and a few others.