Around Thanksgiving, a lot of people were giving thanks for owning bitcoin. Visions of great wealth were dancing in the heads of bitcoin owners, as the crypto was trading at a record high price of $68,990.

What a difference two months make. Since then, bitcoin has been in free fall, dropping almost 50% in value to $35,479, according to CoinDesk. 

Other cryptos are having issues too.  Ethereal has been down 30% since the start of the year. 

Bitcoin has always been volatile, with the price riding a roller coaster over the past decade. A couple of things can explain the reasons for the dip.  Governments are cracking down on crypto.  Russia is one of the biggest crypto miners, but their central bank warned that digital currencies like bitcoin could threaten the country’s financial stability. 

China has banned crypto mining. 

India announced it would introduce a bill that would regulate digital currencies. 

Investors have cooled on crypto after taking cues from the Federal Reserve recently. 

If there’s one thing that bitcoin has shown, patience is a virtue.  The price usually rallies after steep drops, and Goldman Sachs is still a big fan. They released a report this month saying they saw substantial gains in the future, and they believe bitcoin will steal market share from gold. 

And while it sits at roughly $35k now, they believe it will crack six figures in value by 2028. 

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