n December, bitcoin seemed like the next big thing. One bitcoin was nearing $20,000, and financial journalists were starting to seriously consider whether it could replace safe-space investments like gold. Companies were sprouting up to sell the cryptocurrency to the general public.

But it’s been pretty much downhill since. One bitcoin is now worth a little less than $6,500, and public interest has waned. Such is life for bitcoin proponents.

“I’ve seen bitcoin drop from $20 to $2 and $1,200 to $250,” said Jeremy Gardner, managing partner of the investment firm Ausum Ventures and the proprietor of San Francisco’s Crypto Castle, a living space for people working in cryptocurrency. “Hyper-growth followed by a heavy correction isn’t new.”