The presidential office then said that no final decision had been made. But the news also landed right in the middle of what is pretty obviously a massive bitcoin bubble. This is not to dispute that crypto currencies have an important future role to play in the future of the digital economy.
Ripple, which is meant to be a platform by which large financial institutions can transfer large sums internationally, fell particularly steeply, by around 40 percent.
The average of the declines Bitcoin has witnessed between February 2011 and December 2017 is 37%.
China has concerns that the huge amount of bitcoin mining occurring in the country is causing a huge drain on energy resources. These positions have made up just 0.02 per cent of the UK's job vacancy market in this period, however, they have increased by 19 per cent each month on average - 9.5 times more than the United Kingdom job market as a whole (2 per cent increase).
But why would anyone use it?
Lee commented on this statement: "We expect bitcoin's major low to be $9,000, and we would be aggressive buyers around that level", Lee added. The market cap for Bitcoin ($199Bn) today is more than the cumulative wealth of the top two richest people in the world.
The Chinese central bank's policy ambivalence underscores the challenge facing global central banks and monetary authorities as they grapple with how best to prevent the roller-coaster ride of cryptocurrency prices from disrupting the financial system, or from spilling into public chaos.
There's been little bad press through the day to shock the markets, which is good news going into the weekend, though for the rest of the day the futures market could be the stumbling block, with the Cboe's February contract down $15 to $11,750, marginally lower than Bitcoin's current value.
The Securities Exchange Commission has asked investment fund trade groups to address "significant investor protection issues" linked to cryptocurrencies before exchange-traded-funds, that invest directly in bitcoin and its rivals or has significant exposure to them, can be launched.
China's regulators have already been active in a crackdown on numerous Ponzi schemes in the country, like Onecoin, which they claim were being used to raise illicit funds.
There are plenty of governments in the world that deserve to be evaded. Especially more authoritarian ones like China or Russian Federation. FUD has fueled the fires and panic selling from largely inexperienced and new participants to cryptocurrencies has created a wave of fear over the entire market collapsing.
So, what will happen to bitcoin as it draws closer to its maximum capacity? But only if it fixed all the problems that prevent it from functioning as money.
IRA Bitcoin LLC, a financial services company based in Calabasas, California, specializing in IRA and 401 (k) transfers into bitcoin and other cryptocurrencies.
As a boutique investment asset, bitcoin can really only survive as long as governments tolerate its presence.
Bitcoin, the dominant digital currency, has traded below $10,000 (Sh1.03 million) for the first time since early December.
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