“China’s central bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.”
This is a pretty interesting article that could have major implications on the future of bitcoin. This happened about a week ago and basically China decided they want to treat bitcoin in a similar fashion as gold. Essentially they are admitting that there is a value for it but it cannot be used to buy anything in China and financial institutions cannot use them. This could have a huge effect on bitcoin’s future because if a nation as huge as China is banned from using them as a currency, it may not take off anymore than it has already. After this news came out, bitcoin dropped from around $1200 per coin to $550 per coin. Since then, it has steadily risen back to about $900 a coin.