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China’s main bank says they do not support the Bitcoin and creates confusion

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Thursday, the People’s Bank of China released a statement on their website stating that the Bitcoin isn’t real money and they do not support it; the news created confusion because China has been one of the main supporters of the Bitcoin and has had a major influence on driving up the price of the Bitcoin over the last year.

The People's Bank of China also said that it has different legal status then other currencies. They also said that the Bitcoin carries “unacceptable risks” and comes with “criminal exploitation,” but they did not place a ban on Bitcoin use, according to USA Today.

See the video to the left about the Bitcoin.

Also on Thursday, Bank of America released some research about the Bitcoin saying that it may become a “major means” of payment around the world. They placed a maximum market value of the Bitcoin at $15 billion. Bitcoins can currently be exchanged for cash in the U.S. Bank of America said in their report that the Bitcoin can help “users avoid high taxes, capital controls and government seizures,” according to USA Today.

Thursday, the price of the Bitcoin dropped after the People’s Bank of China’s statement was released from a high of $1,138 to $980.

Last week, CNN Money reported on the Bitcoin and its surge in the digital money world; in January the Bitcoin was worth $13 and in less than a year its value had risen to $1,044. In early November, the Bitcoin rose to a high of $900 only to drop to $500 a few short hours later.

China has driven the price of the Bitcoin and the largest search engine there Baidu accepts it as online currency.

In some countries, the Bitcoin is the currency used for black market goods such as drugs. The Bitcoin can make paying for international items easier. The U.S. government is currently looking into whether or not the Bitcoin will be useful or detrimental for users. The Bitcoin continues to be a highly speculative investment, and many investors say that it may be worth a lot or nothing at all.

Numerous international businesses use the Bitcoin as payment, including Subway sandwiches and Virgin Galactic, according to CNN.

Related articles:

Highly speculative Bitcoin grows from $13 to $1044 in less than a year

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