Up Nearly 100-to-1 in 12 Months
It was a mere 10 days ago that we reported the value of Bitcoin had surpassed the $500 level for the first time. Fast-forward ten days to this morning, and the price of one Bitcoin has surpassed the $1,000 mark.
Wired reports on the milestone:
“The value of a bitcoin has topped $1,000, a mere 11 months after the fledgling digital currency was worth little more than a $10 bill.
As of 7:25 a.m. Pacific time this morning, bitcoins were trading at $1,041 on Mt. Gox, the world’s most prominent bitcoin exchange, a place where you can swap federal monies, such as dollars and yen, for the digital currency.
The price of a bitcoin has surged in recent weeks, likely driven by heavy demand in China and by public statements from U.S. financial authorities that seemed to endorse the digital currency — at least in part. Bitcoin prices topped $1,000 on a Chinese exchange last week, before hitting that mark on Mt. Gox, which is based in Japan but is used worldwide, including here in the U.S.
‘China is still driving overall demand,’ says Dan Held, who runs ZeroBlock, a site that tracks bitcoin market data. ‘However, I think there has been a paradigm shift in how people think about Bitcoin in the U.S.’
‘Over the last few days, my friends, parents friends, and people that I never thought would buy bitcoin have contact me, not asking ‘what is bitcoin,’ but ‘how do I get bitcoin?’”
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