I’m not going to pretend to be a Bitcoin expert. We have other people at Business Insider with better insights into Bitcoin like Joe Weisenthal (“Bitcoin Is A Joke”) and Henry Blodget (“Bitcoin Could Go To $US1 Million”).
From the perspective of someone just watching it from afar, all I can say is that what’s happening is crazy. At the start of today, it was at $US590.
As of this writing it’s above $US700. Fad, bubble, the future of money, whatever you want to call it, that’s a crazy jump in one day for anyone that’s trading it.
A year ago, Bitcoin was trading for ~$12. If you invested $US1,000 in Bitcoin last year, today you’d have $US58,000, which is pretty great.
But, even better would have been to buy in 2010, when Bitcoin was at $US0.29. It’s up 1,500 in the last three years.
Put differently, if you had purchased $US1,000 worth of Bitcoin in 2010, you’d have $US1.5 million worth of Bitcoin today.