After a steady decline from former, mid-year highs, bitcoin is now back under the $400 mark. The cryptocurrency hit that mark in April, at which point TechCrunch pointed out that the stuff was off 60 percent from its record highs.
The price of bitcoin recovered. And then it un-recovered. Same question as before: “What next centennial mark will bitcoin reach? $300 or $500?” Last time, the answer was $500. But past has been a poor predictor for bitcoin thus far.
Here’s the chart, courtesy of Coinbase:
There has been an almost-paradox at play with bitcoin this year: As adoption has increased, and the constant media cycle asking if the currency will die has slowed, its price has slipped. At $400 per coin, what percentage of mining operations are profitable?
If the price of bitcoin continues to slip, dragging consumer interest down at the same time, does that present the chance of something akin to ‘deflation’ in adoption of bitcoin, that could relegate it to niche status?Featured Image: Jason Benjamin UNDER A Public Domain LICENSE