For those who don’t know, Bitcoin is a digital currency used without central banks or other central authority. And it is getting popular and pricey!
Today, November 27, 2013, Bitcoin is worth around $900. Just two years ago, it was worth just $9.00. This was a time when one U.S. Senator called it ‘online money laundering’. Now, it’s being hailed as the currency of the future. Investors around the world are flocking to it. Some are calling it online gold. But why has it become so popular? I think part of the appeal is that it’s not government regulated. It’s person to person controlled. Imagine giving a car dealership 50,000 cash in a brown paper bag for a new car. Imagine giving a real estate agent a million dollars cash in a brown paper bag for your home.? Bitcoin allows people to do that online. It’s gotten some notoriety because Bitcoin is the only currency being accepted by Wiki Leaks for donations. More mainstream payment services froze their accounts in the wake of certain controversies.
I am not endorsing Bitcoin by any means. I just find it interesting this? is getting mainstream and so many investors are falling in love with it. I’m still as skeptical as ever about it. But I wonder…is this some kind of a sign for the global economy? Are investors jumping on this bandwagon because they know regular currencies are headed for a downfall? It’s just a question. I won’t be buying anything with it anytime soon. Will you be using Bitcoin on cyber Monday?
Happy Thanksgiving everybody!