The Bitcoin boom may be over. And the death of cryptocurrency mania may well come into the hands of government regulators.
Earlier this week, Bloomberg reported that the Chinese authorities plan to block internal access to the central cryptocurrency trading platforms and related services. Subsequent stories suggested that officials from Russia and South Korea could move similarly.
In response, the price of a single Bitcoin - the world's first digital currency - has plummeted.
Over the weekend, bitcoins were valued at almost $ 14,500. That price tag plummeted below $ 9,500 on Wednesday, before bouncing on Thursday - although still only at $ 12,000. Worse yet, Bitcoin has been on a slow slide since December, when it topped up to almost $ 20,000 per coin.
Is the bubble really bursting? Only time will tell. But if China and other governments really crack into cryptocurrencies, it's hard to see much of a future for Bitcoin.
The government of China has already banned official exchanges of cryptocurrency at the end of last year. What's new is a possible offensive against unofficial local commerce and offshore trade as well. Similar reports of a calculation that has emerged from the Chinese state-run media also. Reuters even reported on a meeting of Chinese financial and regulatory authorities, where a central banker argued that all centralized trade of digital currencies by individuals and companies should be banned.
On Tuesday, Russian President Vladimir Putin said that "the legislative regulation [of cryptocurrencies] will definitely be required in [the] future." And on Thursday, South Korean officials said they were considering following China's leadership and closing the crypotcurrency trade through exchanges.
Source : http: //theweek .com/articles/749403/end-bitcoin