Maybe that's because so many of them are rooting for Bitcoin to fail, especially if they're on record having written off the digital currency as a bubble.
But reality keeps interrupting that narrative – and rather rudely.
The day that Mt. Gox went dark, Feb. 25, the CoinDesk Bitcoin Price Index (BPI), a composite of the major Bitcoin exchanges, slumped as low as $462.98. That represented a 60% drop from the BPI peak of $1,147.34 hit on Dec. 4, and appeared to confirm that Bitcoin was fast on its way to the dustbin of history.
Except that Bitcoin prices started to quickly recover. The next day Bitcoin prices rose as high as $589.81, a 27.4% increase.
For the next week or so, Bitcoin prices stabilized. Then on Monday Bitcoin prices shot up another 18% to $661.12, and then got within $5 of $700 on Tuesday.
Individually, several of the major Bitcoin exchanges breached the $700 barrier, with BitStamp going as high as $710.
What makes this latest Bitcoin price surge all the more remarkable is the steady drumbeat of bad news about the digital currency over the past month or so.
First there was the Mt. Gox affair. Long plagued by issues in getting fiat currencies from Mt. Gox to user bank accounts, by January customers were complaining of slow Bitcoin transfers. Then, on Feb. 7, Mt. Gox stunned customers by freezing all Bitcoin transfers.
And while the Mt. Gox collapse has gotten most of the attention, it hasn't been the only source of pressure on Bitcoin prices…
About the Author
Dave has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.