Another Century Mark Falls
Photo credit: Mining.com
It was just barely a week ago that the value of one Bitcoin surpassed the $400 mark. Fast-forward one week and the next century mark has fallen as the price of Bitcoin just passed $500 for the first time ever.
Mining.com is reporting:
“Bitcoin is soaring. The crypto-currency hit the $500 mark for the first time on Sunday – a fifty fold increase in 12 months, according to CoinDesk.
Just a couple weeks ago, you could buy one bitcoin (BTC) for about $250.
There are currently just over 12 million bitcoins in existence, with a total market cap of $5,581,140,286 according to the bitcoin Price Index.
Fans of the crypto-currency see the price rise as a testament to the bitcoin’s resiliency and its legitimacy as a store of value.
In fact, just this week for the first time ever, a mining company fulfilled a transaction using bitcoins.
Despite many setbacks – including an FBI raid of Silk Road, an online black market that used bitcoins – the currency’s ‘value never fell,’ CoinDesk writes.
‘Nearly every piece of bad news about individual cases heralded more expectations that bitcoin would pay the price. That it has continued to rise despite these setbacks could well be feeding back and pushing values even higher, as investors sense bitcoin is a more resilient asset than previously thought.’”
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