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# Bitcoin’s Terrible, Horrible, No Good, Very Bad 2015

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## Video: Bitcoin’s Terrible, Horrible, No Good, Very Bad 2015

[Watch (HLS stream): Bitcoin’s Terrible, Horrible, No Good, Very Bad 2015](https://cdn.jwplayer.com/manifests/hzo6ycL5.m3u8) (2:01)

![Bitcoin’s Terrible, Horrible, No Good, Very Bad 2015](https://cdn.jwplayer.com/v2/media/hzo6ycL5/poster.jpg?width=720)

_Published 2015-01-15. The value of Bitcoin has dropped from $345 this time last month to $177 Thursday morning, the lowest price value Bitcoin has seen since April of 2013._


---

Jul 27, 2023 5:46 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

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[The Nantucket Project: Bitcoin Might Be the Best Money Civilization Has Ever Seen](/video/Eo26Nm3w/)

### The Nantucket Project: Bitcoin Might Be the Best Money Civilization Has Ever Seen

[TIME Explains: What is Bitcoin?](/video/baM6a66m/)

### TIME Explains: What is Bitcoin?

---


## Transcript

BitCoin has had a tumultuous 2015 and we haven't made it out of January yet. The crypto currency, once worth more than an ounce of gold per coin, has had an unforgiving slide over the past month. The value dropped from $ 345 from this time last month, to $ 177 Thursday morning. The lowest price value Bitcoin has seen since April of 2013. Some attribute this nonstop fall in price point in the new year to Bitcoin's latest security scandal. Bitstamp, a Bitcoin exchange based in the UK and one of the largest in the world, was hacked on January 4th. It lost 19, 000 Bitcoins, or a little more than 5 million U.

S. dollars. Since the hack, BitStamp had gotten its exchange back up and running, but for many investors, the lack of security with BitCoin has always been a cause for concern. In the meantime, we are sorry for the, troubles caused by this. [ INAUDIBLE ] 11 BitCoins in there. It was worth about 300, 000 dollars, so it looks like that disappeared. Mt. Gox is still the horror story attached to the BitCoin exchanges. It was handling 70 % of the world's big coin transactions before closing down in April of 2014. It lost 850 thousand BitCoins, amounting to more than $ 450 million. Whatever the reason for the astounding drop in value since January 1.

The question is whether the cryptocurrency can save itself without a Federal Reserve type entity to step in. To make matters worse the value of the bitcoin is falling so rapidly the powerful and expensive computers used to mine bitcoins are costing more than they're bringing in. Leaving bitcoin miners in a catch 22 according to the Washington Post. They have dollar debts that they need to pay back, and where else are they going to get the money? They can't afford to keep mining, but they can't afford to stop mining, either. Despite the drop in price, Bitcoin is still head and shoulders above where it started.

Bitcoin was worth less than $ 1 back in 2010, and in January of 2013, it was worth just 14 bucks.

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