The price of Bitcoin has been in a free fall ever since it last sat on $665 back in early June of this year after having recovered from a steep drop to $360 in April. Right now Bitcoin’s trading at around $345 after having been down all the way to $333, and there’s no end in sight just yet.
Of course the price of Bitcoin is very hard to predict, and it will never be an exact science, but for now it seems like investors have lost its confidence in the once extremely popular cryptocurrency. For people that don’t remember, Bitcoin once traded for more than $750 for over a month, peaking at over $1,100.
While the dropping price of Bitcoin is a bad thing for big investors it’s also a telling sign of how Bitcoin’s being used. More and more people are starting to use Bitcoin as an actual currency instead of purely trading with it. As a result of this Bitcoin has been accepted by more and more businesses, and ATMs can be found in a large number of cities.
A big reason for the Bitcoin price going down is the fact that when you purchase something with Bitcoin it’s instantly converted to the traditional currency we all know. Merchants don’t want to pile up Bitcoins, they want cold hard cash. Because of this trend the price keeps dropping, while it’s popularity keeps growing from a usage perspective.
Bitcoin’s not going anywhere, but we might be looking at a price in the $150-$250 range for the foreseeable future.