2014 – A year in review

Wow, 2014 was a huge year for Bitcoin! Let us take a chance to review the major events over the past year. Price underwent a pretty large crash from over $700 to under $300. This was due to a variety of factors. First, Mt. Gox shut down in February. After that, two prominent figures within the Bitcoin sphere were tried and found guilty of illegal operations through the Silk Road. On the other hand, several major merchants announced that they would begin to accept Bitcoin. Although this does not necessarily mean they believe in the future of the currency (since they generally convert the Bitcoin to cash almost immediately), it does help with allowing Bitcoin to reach a critical mass of consumers. Secondly, Bitcoin ATMs began opening up in the US. Although they still aren’t overly prominent, the single ATM that was implemented at the beginning of 2014 has expanded to over 200 ATMs across the nation. Analysts of bitcoin are claiming that 2015 is going to be a huge year, as we figure out whether Bitcoin was a one-hit wonder, or whether it is a long-term sustainable currency that will gain traction.

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