From $1300 In January, Bitcoin's Price Just Went Past $14,000 In Under A Year & Is Still Rising
Everyone's favourite digital currency Bitcoin continues to soar past expectations, hitting past the $14,000 mark earlier today for the very first time. In less than a year, Bitcoin's value has increased by 1000 times in 2017 alone.
If you haven't invested in Bitcoin yet -- oh well, join the club and don't kick yourself too hard. Not yet.
Bitcoin value soars past $14,000 / REUTERS
To say 2017 has been a stellar year for Bitcoin would be the most ridiculous understatement of the year. The digital currency has broken all sorts of records this year, even going past the $14,000 mark for the very first time earlier today.
Just last week, Bitcoin did the unthinkable when it surpassed the $10,000 price milestone. No sooner had it achieved this price valuation, when Bitcoin's value dropped sharply by $2,000 in just a few hours, causing top economists, entrepreneurs and business leaders around the world to issue warnings against the volatile nature of Bitcoin investments.
ALSO READ: How One Tech Writer Threw Away $14.8 Million Dollars In Bitcoin Along With His Old Hard Drive
Bitcoin's value just keeps on increasing / REUTERS
But despite these warning bells, Bitcoin's upward trajectory has been unrelenting. Not counting a couple of sharp dips, Bitcoin has blitzed past $12,000 and $13,000 price mark within a couple of days, finally breaching above the $14,000 on Thursday in Asia.
Despite briefly dipping down to $13,400, Bitcoin was was trading around $14,200 at the Hong Kong stock exchange.
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Bitcoin value is increasing / REUTERS
Bitcoin is a digital currency that is based on blockchain -- and it needs to be "mined" by running complex programs on a computer, which is a huge energy intensive task. Its current upswing is credited to big investments by South Korean and Japanese investors keen on cashing in on Bitcoin's soaring fortunes, according to a CNN report.
This is a crucial phase in Bitcoin's quest to be recognized as a legitimate source of currency across the world -- a thought that has stiff resistance from major governments and banking establishments from around the world.
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