"The digital currency peaked at a value of $1,130 just over a year ago. Its plunge of more than 56 percent in 2014 makes it the world's worst performing currency this year," Bloomberg editorial board member Mark Gilbert said.
The Russian ruble was named the third worst currency of 2014. Gilbert suggested that the ruble's poor performance this year was linked to Western sanctions imposed on Russia over its alleged involvement in the Ukrainian crisis.
Bitcoin is a decentralized digital currency that was introduced in 2009. The currency was proposed by Satoshi Nakamoto with the aim of creating a currency independent from any government and easily transferred electronically with low transaction fees. The current value of 1 Bitcoin is about $326, according to Bloomberg.
Bitcoin transactions are restricted in a number of countries, including China, Russia and India.
