What's up with Bitcoin? It's down, dropping to its lowest level since January after China announced a crackdown on cryptocurrency mining. Is it, as stated, about going green and cooling it in the nation that's home to an estimated two-thirds of the energy-sucking giant computer servers that create virtual currencies? Or is it about reining in a cottage industry that is out of not only Beijing's control, but that of central banks and regulators the world over?
The same central banks are trying to come up with their own virtual currencies. But what does that mean? Bitcoin has now been around for years, but what is it exactly? Money like any other? Is it an innovative way for the little guy to take back control from the high-ups who track and control our every transaction in this digital age, a scam to launder and dodge tax, or a fool's game that's an even bigger pyramid scheme than the housing bubble of the early 2000s, when the trick was to flip properties and not be the one carrying the deed the day the bubble burst? The truth is that many - including yours truly - still do not know the answer.
Produced by Charles Wente, Juliette Laurain, Imen Mellaz and Jack Colmer Gale.
