The once-hot commodity is rapidly simmering.
New reports indicate that Bitcoin's value plunged nearly 13 percent on Wednesday, following a move from Capital Hill lawmakers to regulate the fledgling cryptocurrency market. Members of the House Financial Services Committee met with experts to discuss the possible risks posed to investors by digital currencies.
Rep. Brad Sherman (D-Calif.) has proclaimed that "cryptocurrencies are a crock, what social benefit do they provide? … You’re gambling on its value for no social benefit. They’re popular with guys who sit in their pyjamas and tell their wives they’re going to be millionaires."
Bitcoin's price has decreased following Google's decision to ban any advertisements for cryptocurrency-related products from its servers, effectively stunting the company's reach. Their value has now dipped another 13% to $7,979.58 Wednesday evening.
Back in December, Bitcoin had a value of over $20,000, which was apparently just a transient milestone for the world's leading cryptocurrency. Recently, the company has drifted around the $10,000, before they began to experience some crushing defeats.
Some lawmakers remain particularly optimistic about the potential of cryptocurrencies in the future. Rep. Bill Huizenga (R-Mich.), chair of the Capital Markets, Securities, and Investment Subcommittee has pondered "how do we protect consumers without strangling technology that has great potential?" However, Huizenga was speaking about blockchain, the fundamental technology which effectively allows Bitcoin to function.