Is Bitcoin just a libertarian fantasy?

The digital currency's wild fluctuations in value have skeptics saying "I told you so"

Bitcoin had the briefest of moments.
(Image credit: Sean Gallup/Getty Images)

Bitcoin has been on a wild ride this week. The once-underground digital currency peaked in value at $266 per virtual coin, and then plunged to $105, causing one of the biggest Bitcoin exchanges, Mt.Gox, to temporarily halt trading.

The fact that prices eventually leveled out is proof to some that Bitcoin is a resilient, feasible form of currency. To others, like Slate's Eric Posner, however, the last week shows that it's nothing more than a libertarian fantasy. (Confused? Check out our Bitcoin explainer here.)

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us

Keith Wagstaff is a staff writer at TheWeek.com covering politics and current events. He has previously written for such publications as TIME, Details, VICE, and the Village Voice.