The price of Bitcoin has taken a nosedive, dropping in value more than 16 percent in one day, according to the Coindesk Bitcoin Price Index.
At its lowest Saturday, one bitcoin was worth $355.72.
The fall below $400 marks a difficult beginning to 2016 for the cryptocurrency, which earlier this week saw longtime advocate Mike Hearn withdraw his support.Hearn, a former Google employee and Bitcoin developer, said in a blog post that the Bitcoin “experiment” had failed.
He cited capacity problems with the Bitcoin network, “rampant censorship” by some users, as well as “wildly unpredictable fees” in a list detailing why the cryptocurrency’s future looks uncertain.
“The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards. I will no longer be taking part in Bitcoin development and have sold all my coins,” Hearn wrote on Medium.com.
The author of the guide “Mastering Bitcoin,” Andreas M Antonopoulos, disagreed with Hearn’s gloomy prognosis, however.