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Bitcoin Tops $1,000 For the First Time

Posted by ryuzaki0 on from the from-the-top-you-can-only-go-down dept.

An anonymous reader writes with this bit from The Next Web "Bitcoin hit a new milestone today, passing the $1,000 mark for the first time. The virtual currency is currently trading above the four-digit figure, with its highest at $1,030 on Mt. Gox, one of the largest exchanges. Last week, Bitcoin's high for the day was $632. That means its trading value has surged 62.83 percent in a week, assuming we're looking at just its high points. That figure could of course rise even further if Bitcoin continues to push further up throughout the day."

2 of 371 comments (clear)

  1. Re:Sell now. by Njovich · · Score: 5, Interesting

    Great! Lets do a 100 dollar bet: if the price at January 1st is lower than now I pay you $100, otherwise you pay me $100. You're in?

  2. Re:Who wants to prick the bubble? by jythie · · Score: 5, Interesting

    I wish I had mod points ^_^ but yeah, that is an element that differs from classic bubble mechanics.

    We might encounter other problems though such as traders making BTC unproductive for people using it for goods and services. It could also crash if some large (or simply enough) players cash out and deplete various exchange's ability to convert BTC into other currencies, which could cause exchanges to close shop and thus reduce the utility.

    Though historically there are plenty of examples of bubbles of easily subdivided items, even including things like gold. So you can not get a housing-style bubble with BTC, but that does not make it immune from the general pattern.