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Bitcoin, a digital currency, fell from a peak of over $US265 to under $US105, in what some say was an attack by hackers looking to manipulate the currency.
It recovered to $US180 by Thursday afternoon. Confidence in the safety of the fledgling unit had been shaken, but some Australian businesses still accept bitcoin in exchange for their products.
It only has value if people agree it does, said CommSec chief economist Craig James. “In many respects bitcoins have much in common with gold,” he said in a recent note to clients.
A bitcoin valued at $US180 would have seemed extremely high not long ago; on January 1, 2013, it was just $US13.
It recovered to $US180 by Thursday afternoon. Confidence in the safety of the fledgling unit had been shaken, but some Australian businesses still accept bitcoin in exchange for their products.
It only has value if people agree it does, said CommSec chief economist Craig James. “In many respects bitcoins have much in common with gold,” he said in a recent note to clients.
A bitcoin valued at $US180 would have seemed extremely high not long ago; on January 1, 2013, it was just $US13.