Despite making headway towards legitimacy, Bitcoin was the worst-performing currency of 2014

It’s been a banner year for Bitcoin in terms of the headway made towards being a legitimate currency but you’d never gather as much based on performance alone. In fact, it was the world’s worst performing currency according to a recent report from Bloomberg.

The hot-topic cryptocurrency peaked at a value of $1,130 just over a year ago, sparking interest from investors in and out of the tech sector. A year later, however, Bitcoin’s value has plummeted 56 percent which makes it the world’s worst performing currency among the 175 foreign-exchange values that Bloomberg tracks.

When you consider all of the turmoil that took place in Russia and the Ukraine this year (remember, Apple pulled the plug on online sales in Russia following the ruble’s poor performance just weeks ago), it becomes evident just how bad of a year Bitcoin had.

As of writing, Bitcoin is trading for around $326 which according to many, is still rather impressive for a currency that didn’t even exist just six years ago. Early adopters that still have some Bitcoins tucked away would continue to enjoy a nice return on their investment today.

The publication concludes that being at war is worse for a currency than not being a war, whether fighting the world’s financial authorities for legal validity like Bitcoin or engaged in guerrilla warfare as a victim or aggressor.

Bitcoin’s value has leveled out over the past few months and given the increased adoption from some major companies, it’s possible that 2015 could be yet another turning point for the embattled cryptocurrency.

By: Shawn Knight