Wall Street and Main Street financial firms embraced bitcoin. Now it's crashing.

Earlier this month, the Wall Street bank began offering an investment service that allows its high-net-worth clients to profit from a rise in bitcoin prices without having to own the digital currency."It's a great time to be in the space," John Chow, an executive at cryptocurrency trading firm Cumberland DRW, which is working with Goldman on its new bitcoin investment effort, told Bloomberg.Goldman is hardly alone. Early on, bitcoin supporters used to say transactions would rise as more businesses began accepting cryptocurrencies for payment. "I am not seeing wide adoption of bitcoin as a currency," Dan Dolev, who covers the fintech industry and cryptocurrencies for Mizuho Securities, told CBS MoneyWatch. On Thursday, the Treasury Department said it would require businesses to report any bitcoin payment over $10,000, citing an effort to crack down on tax evasion.Gary Gensler, the new chairman if the Securities and Exchange Commission, recently told CNBC that while he understands why people want to invest in bitcoin, the cryptocurrency market needs to be better regulated before that can happen more broadly.