Here’s a type of chart you don’t see often. Below we show the performance of the Bitcoin Investment Trust (GBTC), which is meant to track (although doesn’t do a particularly good job of if) the performance of the digital currency Bitcoin. At the end of August, this trust was trading for over $1,000 per unit. Today, it’s under $500 and down over 50% for the month of September alone. Don’t feel too bad for long-term holders of GBTC, though; over the last year, it is still up 480%! Does the recent plunge in Bitcoin represent the end of the digital currency mania? Only time will tell, but this certainly hasn’t been the first time over the last few years that people have called the end of the bubble.
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