A general view of the bitcoin booth at the 2015 International CES at the Las Vegas Convention Center in January. Photograph: Ethan Miller/Getty Images

Theres no reason to mourn the fall of bitcoin prices. Anyone who is crying over bitcoins recent face-plant losing one-third of its value in two days must be a speculator. Gambling is gambling sorry, pal. If youre celebrating the price drop because of schadenfreude, or just straight-up skepticism about the cryptocurrency itself, youre missing the point, too.

The nosediving price of bitcoin matters in the short term because rattled confidence hurts any currency, especially a relative newborn that is only used to grease a tiny sliver of global commerce.

In the long run, however, the price swings wont matter. The currency called bitcoin itself may not even matter.

But cryptocurrency will, and likewise the technology underlying it. In a way, bitcoins wild fluctuations in price and coming through them onto calmer waters could ultimately illuminate the staying power and significance of cryptocurrency.

First, though, the near-term doubt and skittishness catalyzed by the price drop: bitcoin has a reputation problem not only because its so young, but also because it lacks institutional credibility.

The bitcoin faithful have argued that price oscillations are to be expected during these early years.

As more investors get involved, and as bitcoins utility as a medium of exchange increases, it will theoretically become less attractive to speculators, thereby stabilizing in price.

Yet it isnt clear exactly how bitcoin will grow if everyday people are spooked. The ongoing price volatility is a real barrier to wider adoption, at least on the consumer side, says Marc Hochstein, editor-in-chief of American Banker. That was true at $10 and it was true at $1,000.

So yes, rattled confidence in the value of bitcoin matters, some, but this is not some do-or-die moment or comeuppance for the currency. On the contrary, its a blip, and a distraction from the meatier discussions about what decentralized currency is, and how the technology that powers it might influence our lives in the future.

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