The Globe and Mail reports in its Thursday, Feb. 19, edition that since its introduction in 2009, bitcoin has gained significant attention from investors and tech enthusiasts. The Globe's guest columnists Paul Beaudry and Amartya Lahiri write that as the first cryptocurrency to use blockchain technology, its price surged to over $120,000 last fall from just six cents in July, 2010, (all figures U.S.). However, bitcoin has recently experienced a decline. Since the U.S. Genius Act passed on July 18 bitcoin's price has dropped about 40 per cent. The act established a regulatory framework for payment stablecoins, making them more reliable and potentially impacting bitcoin's growth. Bitcoin's appeal stems from three key features: it pioneered large-scale blockchain applications, posed a challenge to fiat currencies and allowed for quasi-anonymous digital payments without the complications of cash. Its private currency aspect especially attracted those seeking untraceable payment methods. As long as the anonymity feature of stablecoins and bitcoin are similar, the attractiveness of bitcoin will likely decline for those using them to conduct illegal activities, as stablecoins are a better means of payment.