Is everybody buying Bitcoin? The cryptocurrency is continuing its wild ascent in value today, hitting the $16,000 mark and climbing.
David Royse | LedeTree
Bitcoin continued its surge in market value on Thursday, hitting $16,000 not long after topping $14,000. By late morning eastern time it was over $16,170, after opening the morning at just over $13,700.
Bitcoin, the world’s biggest cryptocurrency, is soaring partly on expectations that there may soon be Bitcoin derivative products that people can buy, further boosting demand. The prospect of new derivatives has already come under scrutiny about creating stuff without full consideration of the risks (there have been a few market products like that in the last decade or so, remember?)
Let’s remember that back in 2011 – likely back when many of you thought that a Bitcoin was an old fashioned word for a quarter, it was indeed worth less than a dollar. (Shave and a haircut, two Bitcoins?)
MARKET VALUE OVER $250B
Bitcoin’s total market value is now over $250 billion, which means if it were a stock, it would be among the 20 largest in the S&P 500.
— jeroen blokland (@jsblokland) December 7, 2017
The meteoric rise is leading some to wonder whether there’s much “there” there, or if it might be “irrational exuberance” blowing up a Bitcoin bubble.