Gold Electron, a cryptocurrency designed to replace traditional electronic cigarettes, has plunged in value over the past two weeks.
The value of a single coin has plummeted more than 30 per cent in the last week alone, as investors continue to panic and speculate that it could soon die.
Bitcoin has risen about $1,100 in the past 24 hours.
Bitcoin is designed to enable a peer-to-peer exchange of value, rather than a centralized, centralized authority.
It can be used as a payment method or as a store of value.
The cryptocurrency has gained in popularity in recent months as its price has skyrocketed in value, as governments around the world begin to restrict the use of digital currencies and governments around other countries begin to crack down on the practice.
But it is still a very niche currency and it has seen its value plummet over the last two weeks in response to the growing concern that the cryptocurrency could be dying.
The founder of Gold Electrons, Joshua Wong, told CBC News he is now trying to sell his coins in an effort to make a living.
Wong said he has not been able to withdraw funds since he stopped accepting Bitcoin, and that he cannot afford to pay the $150 he has earned over the course of the past year for the coins.
He said he sold off some of his gold coins to fund his retirement.
“I just feel like the whole thing is spiralling out of control and I feel like it’s all over,” Wong said.
“It’s getting to the point where people are just starting to get scared and start looking for other ways of making money.”
Gold Electrons has seen a sharp rise in trading volume.
Wong’s coins are valued at about $8,000, he said.
A Gold Electronic Vapor is a device that allows users to vaporize liquid at a distance.
The devices use a battery and can be worn in place of a traditional electronic cigarette.
One of the more interesting aspects of the Bitcoin price surge is that many of the coins were created by people with limited funds, according to Bitcoin experts.
“They have basically created virtual currencies to support their lifestyle and they have essentially been doing that for a few years now,” said Ryan Kelly, an investment advisor at PNC Wealth Management.
“They are just creating new virtual currencies and it’s only getting worse as time goes on.”
“The Bitcoin phenomenon is very, very interesting and very exciting,” said David Blanchflower, a professor of economics at the University of California, Berkeley.
One investor who has been buying coins is Mark Coker, a Canadian cryptocurrency investor who is a co-founder of Bitcoin Investment Trust. “
The real challenge is that there are very few people who are making money off of this and it will take a long time for that to change.”
One investor who has been buying coins is Mark Coker, a Canadian cryptocurrency investor who is a co-founder of Bitcoin Investment Trust.
He has sold more than $100,000 worth of Bitcoins in the span of two weeks, according the firm’s website.
Coker said he is hoping to make money by selling his Gold Electronics but that he is not confident he will be able to do so.
While Gold Electors are very rare and are not used as an investment, Coker said they could be a great asset for anyone with limited money.
I am just hoping that I can generate some profits in a couple months.
Coker added that he believes Bitcoin will continue to grow in popularity over time.
“You will see it get more popular, more mainstream, it will get more people into it, people will buy it,” he said, referring to the value of the cryptocurrency as it matures.
Wong said he still has more coins left to sell and is still looking for investors.
“In the short term I will be buying some more, but I have been selling a lot, just looking for some more,” Wong told CBC.
With files from The Canadian Press