17 Dec 2014
Quartz: Bitcoin is the worst investment of 2014 – CoinDesk
FXStreet (Barcelona) - CoinDesk Analysts comment that Matt Philips of Quartz views Bitcoin as the worst investment of 2014, with BTC/USD falling around 52% this year, even higher than the Ruble.
Key Quotes
“There was plenty of ugliness to be found in the markets this year. Ukranian and Venezuelan sovereign debt. High-yield, energy-related corporate bonds. Argentine pesos. Russian rubles. Greek stocks.”
“But none of these investments has been as atrociously awful as bitcoin, the heavily hyped crypto-currency that stormed onto the financial scene in the last few years, threatening to disrupt the cornerstone of global finance that is fiat currency.”
“It hasn’t worked out. Year-to-date bitcoin is down roughly 52% at last glance.”
“Clearly bitcoin bulls have found themselves on the bleeding edge. But the question is why? One of the clearest answers seems to be that some of the shadier usages of the currency—say for evading taxes and buying drugs—have been tougher to execute as governments increasingly try to clamp down on the “dark web” sites where bitcoin quickly became the cryptocurrency of choice.”
“Collapses of large, unregulated bitcoin exchanges—such as Mt. Gox—have done little to instill confidence in the currency either.”
Key Quotes
“There was plenty of ugliness to be found in the markets this year. Ukranian and Venezuelan sovereign debt. High-yield, energy-related corporate bonds. Argentine pesos. Russian rubles. Greek stocks.”
“But none of these investments has been as atrociously awful as bitcoin, the heavily hyped crypto-currency that stormed onto the financial scene in the last few years, threatening to disrupt the cornerstone of global finance that is fiat currency.”
“It hasn’t worked out. Year-to-date bitcoin is down roughly 52% at last glance.”
“Clearly bitcoin bulls have found themselves on the bleeding edge. But the question is why? One of the clearest answers seems to be that some of the shadier usages of the currency—say for evading taxes and buying drugs—have been tougher to execute as governments increasingly try to clamp down on the “dark web” sites where bitcoin quickly became the cryptocurrency of choice.”
“Collapses of large, unregulated bitcoin exchanges—such as Mt. Gox—have done little to instill confidence in the currency either.”