Watch: The bitcoin bubble is bursting – here’s what you need to know

What’s going on?

Bitcoin and other major cryptocurrencies, including Ethereum, Litecoin and Ripple, are crashing hard in market value. "The wheels are coming off the bitcoin bandwagon," one analyst told Business Insider.

The market comprising all major cryptocurrencies dropped from around $500 billion to about $375 billion in just one day.

Ouch …

Bitcoin has been declining in value for the past month and remains a volatile investment. Experts have been debating for a while whether digital currencies and their rising value are the future or just another bubble. Bitcoin peaked at a $19,783 value on Dec. 17.

Glenn’s take:

Cryptocurrencies make central banks nervous because they can’t be manipulated, which is why governments worldwide are making moves to regulate digital currency. Bitcoin may be failing now, but don’t count out digital currency for the future.

“It’s not just currency,” Glenn said on today’s show. “The governments of the world will try and fight it, but I believe and hope that they will fail.”

To see more from Glenn, visit his channel on TheBlaze and listen live to “The Glenn Beck Radio Program” with Glenn Beck and Stu Burguiere weekdays 9 a.m. – 12 p.m. ET on TheBlaze Radio Network.