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News of the Competition (07/21/2014)
  • NEW YORK (7/21/14)-- After a sharp increase in value, the price of bitcoin plummeted last year, and a recent Bloomberg Global Poll of financial professionals found that the slide may only continue. Of the 562 investors, analysts and traders polled, 55% said Bitcoin's virtual currency trades at unsustainable and bubble-like prices ( Bloomberg.com July 17). Fourteen percent said the currency is on the verge of another bubble, while 6% said no bubble is on the horizon. The bubble talk likely stems from yet another recent surge in the ever-volatile value of bitcoin. At the start of the year, the currency traded at $13, but has since risen to $625, according to Bloomberg . Much of the gains were driven by companies who announced they will begin accepting the currency, such as Expedia Inc., Dish Network Corp. and Overstock.com Inc. of late. But finance-industry leaders continue to doubt the currency's longevity, with Jamie Dimon, CEO of JPMorgan Chase, and Warren Buffett, famed billionaire investor, both saying publicly that bitcoin won't last. . .


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