Bitcoin has been officially named the worst investment of 2014, a result of the cryptocurrency’s steep decline in value this year.
In fact, even the Greek stock market fared better than Bitcoin in terms of percentage value drop, marking a serious slump in the digital dosh’s success.
Business site Quartz dubbed the currency with its new title, after revealing the ‘worst of the worst’ investments of the year.
“There was plenty of ugliness to be found in the markets this year,” wrote the site, “
So just how bad was 2014 for Bitcoin? Well when valued against US dollars, the currency dropped an incredible 52 per cent in value.
Greek stocks, by comparison, saw a fall of 28 per cent, much lower than the drop in Bitcoin worth.
Bitcoin now prices up at $322.26 per coin, which translates to £206.45 sterling – still no sum to scoff at.
Unfortunately it seems the currency is well past its prime, as Bitcoin’s record high measured in at $1,242 on November 29 last year – that’s £790 per coin.
Related: Microsoft adds Bitcoin support for Xbox and Windows stores
At the start of 2014, Bitcoin weighed up at somewhere around £740 per coin, seeing an April slump to around $400, and prices just keep falling.
It’s been a tough year for Bitcoin, largely thanks to the clamp down on the illicit Silk Road marketplace and the Mt. Gox cryptocurrency exchange.
The most worrying potential outcome for Bitcoin loyalists is a sudden exodus of investors, which could lead to a huge devaluation over a very short period of time, effectively rendering the currency worthless.
Other entrants to the ‘worst of the worst’ investment roster included the Argentine peso with a 24 per cent fall, and Russian US dollar corporate bonds with an 18 per cent fall.
Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
