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Bitcoin value off the charts

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Unread 05.23.17, 02:32 AM
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Bitcoin value off the charts

05.22.17 08:12 AM

Cryptocurrency Bitcoin reached a new value high on Monday after soaring by nearly 65 percent over the past month.

The Bitcoin value explosion brought the cryptocurrency value past the $2,000 mark on Saturday. As of Monday, with a total market cap of $32.92 billion, the virtual currency was trading at $2,167.

Bitcoin investors who invested in the currency in its early days are reaping massive rewards thanks to the spike in valuation.

A $100 investment at Bitcoin’s 2010 price of $.003, for instance, would be worth around $72.9 million.

Bitcoin value slumped a bit in the past few years due to increased government scrutiny and the collapse of a major exchange called Mt. Gox. But renewed international interest in the virtual currency has created a rapid rebound in recent months.

Heavy Japanese investment in Bitcoin has helped increase the currency’s valuation and was partially responsible for the 13 percent surge that occurred Monday.

As reported by Bloomberg:
Peach Aviation Ltd. will become the first Japanese carrier to accept bitcoin as payment for airline tickets as the discount airline aims to attract more tourists from other parts of Asia.

The cryptocurrency can be used to book seats starting by the end of the year, Peach said in a statement in Tokyo Monday, adding a change in Japan’s law on fund settlements in April helped facilitate the move. The carrier also aims to increase tie-ups with local governments and regional companies to help spread usage of the currency, it said.

Though Bitcoin and other lesser known digital currencies continue to gain steam and legitimacy with a more mainstream group of consumers, some watchers warn that a cryptocurrency bubble is currently underway.

Still, many Bitcoin experts don’t expect the bust to come any time soon because digital currencies continue to gain in popularity, even beating out other more traditional mobile payment options throughout the world.*

To learn more about how cryptocurrency works, including analysis on the advantages and disadvantageous of using digital money for payments and investing, check out our Bitcoin archives. *

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