Well, faithful readers, we have survived the Bitcoin collapse in 2013...Again and again and again...Sort of makes you wonder about the naysayers or fortune tellers in the greater financial markets. 

The news for the year 2013 was "BITCOIN TO THE MOON". Despite all the negative press, Bitcoin thrived in 2013. 

Bitcoin appears to have stabilized pricing to around $800/BTC on most exchanges. This will bode well for Q1 2014 as this is the primary complaint with the currency...instability.

There are additional positive signs for the currency as well. 

The Bitcoin network capacity was 9713TH/s last week and is now 9918TH/s. The Bitcoin network is now 102% over the span of this week. This is occuring despite no major ASIC developers shipping until Q1 2014.

The Bitcoin market capitalization is $9.8B this week. For perspective, it was listed at $1.652B --> $2.504B --> $4.0B --> $6.4B --> $10.4B --> $14.8B --> $12.9B --> $11.9B --> $8.27B over the last few weeks. It is in recovery mode from the recent drama surrounding BTC in China...See our last post.

What do we expect next in 2014....Who knows?? Let's guess!!

Peering into our crystal ball....We predict $1500/BTC by March 2014. Let's see how this prediction holds up over time.

This week has shown some instability for the Bitcoin currency. 

Despite the recent advances, Bitcoin has withdrawn from a relatively stable price around $800-900/BTC to around $500-700 this week. 

This is predominantly due to China getting cold feet on the adoption of Bitcoin on Dec 18th and limiting deposits and withdrawals. "referring to the meeting between the People’s Bank of China (PBOC) and third-party payment companies, in which the payment firms were told to stop dealing with bitcoin exchanges."  (Source: Coindesk).

However, there are positive signs for the currency as well. 

It appears that retailers Overstock.com is bullish on the virtual currency and will accept it as payment (Source: Marketwatch - Wall Street Journal) as will Mobile Vikings (Belgian Wireless Company). 

Additionally, Poland and Singapore have made progress in determining they are willing to cooperate with Bitcoin.

The Bitcoin network capacity was 9120TH/s last week and is now 9713TH/s. The Bitcoin network is now 106% over the span of this week. 

The Bitcoin market capitalization is $8.27B this week. For perspective, it was listed at $1.652B --> $2.504B --> $4.0B --> $6.4B --> $10.4B --> $14.8B --> $12.9B --> $11.9B over the last few weeks. 

It appears that the capital investment in Bitcoin has peaked recently around $15B and has roughly fallen to $8B over 4 weeks. 

What do we expect next in 2014....Who knows??

Bloomberg TV has hosted the 12 days of Bitcoin with each segment describing another topic in the world of Bitcoin. 

Of interest, they describe "mining" for Bitcoin. While other sources have done a better job of describing this process, it is nice to see a major business reporting company discuss this topic.

Click on each of the images below

It is truly an incredible time when an internet meme can be made into an extremely profitable digital coin.

"SUCH CURRENCY, MUCH WOW"

We have not lost our minds...I hope...instead we are talking about DOGECOIN. This digital currency has one of the quickest adoption rates on the internet and appears to have been made as an internet joke.

Unbelievable...the currency is up 400% this week.

To the moon! DogeCoin fetches 300 percent jump in value in 24 hours

This week has shown some additional stability for the Bitcoin currency. 

Despite the recent adversity, Bitcoin continues to stay at relatively stable pricing around $800-900/BTC this week and maintain the 5 week average of approximately $800.

The Bitcoin network capacity was 7170TH/s last week and is now 9120TH/s. The Bitcoin network is now 127% over the span of this week. If we assume a price of approx $25/GH, there is now $228 million dollars invested in mining hardware.

The Bitcoin market capitalization is $11.9B this week. For perspective, it was listed at $1.652B --> $2.504B --> $4.0B --> $6.4B --> $10.4B --> $14.8B --> $12.9B over the last few weeks. It appears that the capital investment in Bitcoin has peaked recently around $15B....Where the next step is, who knows??

A couple of leading edge music artists Snoop Dogg and Mel B have announced that they are accepting Bitcoin for their music.

This paves the way for the next round of changes within the music industry. Now with MP3 format and direct payment from customers through Bitcoin, artists can directly sell music to their customers without any middlemen. 

Very interesting times we are living in...Next wave of disruptive innovation technology is here.

This week has been difficult for the Bitcoin currency. 

Despite it's lumps by being banned from use by Chinese banks and no longer accepted by Baidu (Chinese Google) and China Telecom, it still prevails. 

Therefore, it is only appropriate that I now change this posting icon into a slightly damaged International Space Station. 


Despite the adversity, Bitcoin continues to stay at relatively stable pricing around $700-800/BTC and this maintains the 5 week average of approximately $800.

Here's a brief timeline of the recent BTC value increase. For November it has increased from $200/BTC --> $1200/BTC --> $775/BTC

• Oct 2 ($80/BTC), 
  
• Oct  24 ($204/BTC), 
  
• Oct 25 ($155/BTC) 
  
• Nov 2 ($200/BTC) 
  
• Nov 8 ($310/BTC)
• Nov 15 ($475/BTC)
• Nov 17 ($503/BTC)
• Nov 18 ($900/BTC)
• Nov 19 ($400/BTC)
• Nov 23 ($810/BTC)
• Nov 29 ($1226/BTC)
• Dec 7 ($775/BTC)

The Bitcoin network capacity was 5550TH/s last week and is now 7170TH/s. The Bitcoin network is now 129% over the span of this week. This investment in mining hardware is likely due to the pricing over $1200/BTC last week.

The Bitcoin market capitalization is $12.9B this week. For perspective, it was listed at $1.652B --> $2.504B --> $4.0B --> $6.4B --> $10.4B --> $14.8B over the last few weeks.