Bitcoin has recovered somewhat in the past few days, but its value is still almost $200 billion less than when it hit its record high in December 2017.
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The flagship cryptocurrency is trading just above $8,400 on Wednesday, according to CoinDesk, but that’s still some 58 percent off the $19,783.21 record from December. Market capitalization or value is down by almost $200 billion since then.
CNBC examines the inner workings of bitcoin and blockchain technology in its newly-launched podcast, “Beyond the Valley.” The podcast series examines the biggest topics in technology — from a perspective outside of the Silicon Valley and the United States — and features interview with some of the brightest minds in the industry. You can listen to the podcast on bitcoin here.
Bitcoin’s recent move higher is in part a result of uptick in sentiment — BlackRock set up a working group last wek to look into cryptocurrencies and blockchain, the technology that underpins them. Separately, Mastercard revealed that it was awarded a patent that could let people to pay for things using cryptocurrency via a credit card.
Cryptocurrency is a divisive topic with strong proponents and detractors. At CNBC’s Delivering Alpha Conference last Wednesday, Digital Currency Group’s Barry Silbert said he was buying more bitcoin.
“As an asset class it is here to stay … I’m 100 percent confident a decentralized, non-fiat form of money is here to stay,” Silbert said.
At the same event, billionaire investor Howard Marks took a shot at the cryptocurrency.
“In the long run, I think it will be shown not to have any substance,” he said.
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