Bitcoin, a decentralized digital cryptocurrency, has plunged almost 80 per cent from its all-time high of $19,783. 11 months ago, on 17 December 2017 Bitcoin registered the valuation into late 19 thousand.
The most popular cryptocurrency has seen itself touching a value as low as $4,117. Bitcoin has fallen almost 80 per cent in the last 11 months, 36 per cent in one month and the currency has seen a drop of 24 per cent in the last week itself.
Various experts over time and again have raised eyebrows to the idea of an electronic cryptocurrency, including the Reserve Bank of India, who went on to ban the sale of Bitcoins in the country.
Investment maestro Warren Buffett in an interview with Yahoo had said, “If you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything”.
India’s Finance Minister, Arun Jaitley settled the debate by saying, “The government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities, or as part of the payment system”.