How Bitcoin tanked on a false ‘double spend’ rumor

Posted by & filed under Part 1 Business in a Global Environment, Part 3 Management: Empowering People to Achieve Business Objectives, Part 4: Marketing Management, Part 5 Managing Technology and Information, Part 6 Managing Financial Resources.

Description: Bitcoin fell around 15% on Thursday, briefly tumbling below $30,000 before rallying later in the day. This is hardly the first time the price has swung wildly—volatility is Bitcoin’s hallmark—but Thursday’s events are notable because they were partly triggered by false rumors of an existential event: a double-spend.

Source: Fortune.com – video report

Date: Jan 22, 2021

Link: https://fortune.com/2021/01/22/bitcoin-price-double-spend-rumor-btc-usd-30000-blockchain-what-is-double-spend/

Questions for discussion:

  • Why did Bitcoin fluctuate in value so wildly?
  • Describe the “marketing and management” of Bitcoin.
  • How is Bitcoin similar to a company with products to sell?

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