NEW YORK (InsideBitcoins) - Bitcoin prices fell nearly 12% this week, sharply declining annual returns. While most industry insiders remain optimistic about future appreciation, investors are entering largely uncharted territory with recent 12-month losses.
One-year Bitcoin price chart. BitcoinCharts.com
Bloomberg holds Bitcoin summit
Other key developments this week include:
The U.S. Department of Justice has set an auction date to liquidate 50,000 bitcoins allegedly from Silk Road founder Ross Ulbricht. The haul has a market value of about $18 million.
Blockstream, a company working to develop “Bitcoin 2.0” applications based on the cryptocurrency’s blockchain technology, has closed a $21 million seed round of funding. The company, co-founded by Austin Hill, Adam Back and nine partners, has received financial backing from some of the biggest entrepreneurs in tech.
Bloomberg hosted a Bitcoin Summit at its New York headquarters, discussing a wide range of topics with industry insiders, from future applications to regulation and Bitcoin prices.
The Bitcoin Foundation has formally announced a redefinition of its mission, a move heralded in recent weeks by its new executive director, Patrick Merk. The foundation will focus on bitcoin’s core development, leaving a gap in policy advocacy and education that at least two organizations are working to fill.
At the Cato Institute’s 32nd Annual Money Conference, Kevin Dowd, professor of finance and economics at Durham University, said: “Despite Bitcoin’s success, it is not sustainable. It will collapse.” The reason is centralized mining.
For other events from this week, see Inside Bitcoins news digest. For the latest news, follow us on Twitter @InsideBitcoins and join the discussion on Facebook.
Hal M. Bundrick is the editor-in-chief of Inside Bitcoins.
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