The Magic Number: Bitcoin Prices Top $1,000

The value of a bitcoin has topped $1,000, a mere 11 months after the fledgling digital currency was worth little more than a $10 bill.

As of 7:25 a.m. Pacific time this morning, bitcoins were trading at $1,041 on Mt. Gox, the world’s most prominent bitcoin exchange, a place where you can swap federal monies, such as dollars and yen, for the digital currency.

The price of a bitcoin has surged in recent weeks, likely driven by heavy demand in China and by public statements from U.S. financial authorities that seemed to endorse the digital currency — at least in part. Bitcoin prices topped $1,000 on a Chinese exchange last week, before hitting that mark on Mt. Gox, which is based in Japan but is used worldwide, including here in the U.S.

“China is still driving overall demand,” says Dan Held, who runs ZeroBlock, a site that tracks bitcoin market data. “However, I think there has been a paradigm shift in how people think about Bitcoin in the U.S


2 thoughts on “The Magic Number: Bitcoin Prices Top $1,000

  1. Bitcoin is a very interesting topic. I wasn’t aware of this type of currency until a month ago when it was brought up in class. I think it is an excellent idea and it has a lot of potential. It is a bit worrisome that currency can be so easily transferred online. One would question how safe it is and the security measures that go into it. Obviously currency is traded all the time virtually but their still is physical representation. I am very curious how society will respond to the rising of Bitcoin. I think it still needs to market itself a little more.

  2. I also thought this was a very interesting topic and hadn’t heard of it before it was discussed in class, either. Even after class was finished, I was still a little unsure on what exactly it was, and I went home and tried looking a little more into it. I gathered a general idea of what it was, but didn’t think it was a well-known technology that was used or even known by people who weren’t already rather tech-savvy. However, yesterday I happened to see a tweet from Snoop Dogg mentioning bitcoins, and I was shocked. (you can see the tweet here: I was so surprised that it was a widely known technology, and I think it’s very intriguing that well known celebrities are now beginning to talk about it. The tweet also brought to light some of the interesting aspects of social media, as a bitpay account responded to Snoop Dogg saying they could help him with that. Now, not only have all of Snoop Dogg’s followers been exposed to the idea of bitcoins, but bitpay’s followers now know that celebrities are interested in this technology. It is still amazing to me that this technology is growing so fast, and is now worth so much as well.

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