NEW YORK (MarketWatch) — Bitcoin, the decentralized digital currency that has enthused gold bugs and tech geeks, emerged as the Wild West of financial markets earlier this year. But Bitcoin prices appear to have been tamed of late, making moves in line with stocks, bonds and other currencies.

Global assets have swung in recent weeks, as investors recalibrate their expectations for central bank stimulus. With a full-throttle Bank of Japan program on one side, and the prospects of a slowing of the Federal Reserve’s big bond buys on the other, investors have crowded into select investments and then stampeded out of them just as quickly.

Last week, the dollar fell 3.4% against the Japanese yen USDJPY, -0.01% , according to FactSet data, while Japanese stocks NIK, -0.66% fell 1.5%.

Bitcoin prices, as much as they can be tracked, fell about 10% in the same period. Prices fell to $100.34 on June 14 from $111.32 on June 7, according to Mt. Gox, a popular Bitcoin trading exchange. That’s downright stable compared to the 70% drop in seven days in April, according to Gold.net, a pricing website that pulls data from Mt. Gox.

Bitcoin’s newfound resilience of late may reflect growing support from an investor segment that, dissatisfied with gold’s gradual descent after years of gains, have been looking for a new alternative to stores of value that eschews government dependence.

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“Bitcoins are attracting a newer generation of government skeptics,” said James Angel, an associate professor at Georgetown University’s McDonough School of Business.

The Bitcoin isn’t controlled or regulated by a central bank. Instead, Bitcoins are created when a computer solves a difficult cryptographic problem in a process called mining. As the number of people who mine for Bitcoins increases, it becomes harder to reach a solution and generate the digital currency.

The adjustment in difficulty is essential since the supply of Bitcoins is fixed at 21 million. There is concern that the value of a Bitcoin will skyrocket because of the fixed supply as people are encouraged to hoard. But Bitcoins are divisible and can used in fractions. So even if the price of a Bitcoin rises to $1,000, a consumer could still pay for a $10 pizza with 0.01 Bitcoin.

There’s a darker side to the world of virtual currencies like Bitcoin that could stunt popularity. Federal prosecutors indicted digital-currency operator Liberty Reserve in late May on charges of money laundering and operating as a money transmitter without a license. Merchants that accepted Liberty Reserve’s currency as payment included computer hackers, drug dealers and traffickers of stolen personal identification, according to the indictment. Liberty Reserve has been credited as one of the early forces behind Bitcoin’s growth.

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That doesn’t mean federal prosecutors are going target the Bitcoin economy next.

The action “was designed to protect the financial system from the risk posed by Liberty Reserve – an online, virtual currency, money transfer system that was conceived and operated specifically to allow – and encourage – illicit use because of the anonymity it offers,” said Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network, in a speech on June 13.

“With this action we were not painting with a broad brush against an entire industry. I do not think that is fair to any industry in any situation, let alone this one,” she said.

Mt. Gox, which says it is the largest Bitcoin exchange, declined to comment on changes facing the Bitcoin economy.

The attraction from some investors could come at the expense of gold. “Some of the allure of Bitcoin is coming out of traditional gold investors,” said Adam Rabie, the founder of Gold.net.

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“Bitcoin is obviously new and exciting while gold is old and nostalgic,” he said. Rabie owns Bitcoins, as well as another digital currency called litecoin, but didn’t disclose the amount.

Of course, part of the interest in the Bitcoin has been fueled by the currency’s past volatility as speculators have jumped in to turn a profit.

That turbulence could be a result of its age - the founding paper was circulated in 2009 - rather than a flaw in the Bitcoin itself, said Jered Kenna, chief executive officer of Tradehill, a Bitcoin exchange that focuses on credited investors.

Kenna has noticed a surge in trading volume as Bitcoin has gained popularity in the press. “People call me and say I want to buy a million dollars’ worth,” of Bitcoin, he said, which is why he’s not surprised the price has gone up. Tradehill was originally launched in 2011 but taken down in early 2012. The exchange re-launched in March 2013, he said.

Some see a bigger problem with the currency.

“I view it as a massive bubble based on nothing real,” said Georgetown’s Angel. The lack of regulation means the benefits of a regulated monetary system, like consumer protection and macro stability, are lost, he said.

Proponents of Bitcoin highlight its compatibility with Internet transactions. “Bitcoin is a currency or technology that allows you to send value around the world in minutes that can’t be counterfeited and doesn’t involve a third party,” said Tradehill’s Kenna.

But others perceive currencies like the dollar to be digital because of the number of transactions that occur electronically, according to Angel. “The few bits of metal paper in our pockets are really a vestige of what’s going on in our economy. We already have digital currencies. The only issue is who controls them,” said Angel.