In South Korea, ordinary people are pouring their life savings into bitcoins and other digital currencies.
According to Bloomberg, an adviser to United States President Donald Trump has said that the White House is monitoring Bitcoin. In countries like Zimbabwe, the digital currency hit $13,000 when around the world bitcoin was only around $8,000.
Featured image via Pixabay.
The price of a single bitcoin soared this week from under $10,000 to more than $17,000 before slumping back down to around $15,000, according to data from CoinDesk, which values bitcoin based on data from four exchanges, including Coinbase.
But there's a negative side to bitcoin's electric growth.
The price of bitcoin on Thursday was all over the place, with various exchanges showing significantly different prices - some more than $US1,000 apart.
On Coinbase's exchange the price soared past $18,000 at one point. Whether its app remains as popular as bitcoin itself will likely depend on whether bitcoin ends up being as valuable as it promises, or a get-rick-quick scheme that's full of nothing but hype.
"It's not a question of if it is a bubble, it is", said Mark Williams, a finance professor at Boston University and longtime skeptic of bitcoin. The rise caps a 48 hour period in which the cryptocurrency experienced more than 25 percent growth.
It was the first time such an incident had transpired.
Beginning Sunday, investors will be able to trade bitcoin futures via the Chicago Board Options Exchange.
That on its own could drive the price down, but the SEC decision to allow trading was an inherent endorsement of the digital money. This week the currency rose with nearly 40%, exciting common people and speculators and worrying governments and central banks around the world. At 4:08 p.m. NY time, the cryptocurrency traded at $16,362.99.
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