Bitcoin is headed to the ash heap | America’s Markets

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The Swiss Franc might be the currency getting all the attention, but the real blood bath is in Bitcoin.

Remember how Bitcoin was supposed to change everything? And the dollar was dead? Boy, was that ever wrong. The value of Bitcoin is in absolute freefall as the U.S. dollar strengthens and looks even more promising given the Feds stance on rates.

Talk about a bust. Today you can buy a Bitcoin for $196.546, says currency tracker Oanda. Thats means the digital currency that was supposed to render the greenback obsolete has lost two-thirds of its value in just six months. Ouch.

Chart source: Oanda

Some are suggesting that the precipitous decline in the currency is probably its death knell. Remember Bitcoin, asked widely respected money-manager Jeffrey Gundlach at DoubleLine Capital during his annual forecast with investors this week. Its pretty much on its way to the ash heap of alternative currencies, he told investors.

Maybe someone is already working on Bitcoin 2.0?

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Bitcoin is headed to the ash heap | America's Markets