Bitcoin is worth over $10,000. The cryptocurrency surged past $10,000 on Tuesday evening as it climbs closer to $11,000, according to CoinDesk. Bitcoin had spiked 933 percent since the start of 2017, when it traded at $968.23, according to the Wall Street Journal.
Despite concerns with Bitcoin’s association with criminal activity, investors have invested into the cryptocurrency and see it as an alternative to more traditional assets like gold. The Wall Street Journal does point out that the rise in price has been substantial, but it is doubtful many investors made a significant profit since 75% of digital wallets, the method by which cryptocurrencies are saved, have less than 01. Bitcoin in them. Some say the rise in Bitcoin is just based on speculation and that bubble may soon burst. For example, according to data from SEMrush, a search-engine-data-analytics company found the price had a 91% correlation with Google searches surrounding bitcoin, suggesting news surrounding the cryptocurrency increases the valuation of Bitcoin. Moreover, earlier this year, the head of JP Morgan called out the cryptocurrency as a “fraud.”
BitInfoCharts says the current Bitcoin market value is $180 billion, which is substantially more than the value of blue-chip stock General Electric. Rumors have surrounded the cryptocurrency with questions as who is the mysterious creator the cryptocurrency. The only name that is associated with Bitcoin is a pseudonym of Satoshi Nakamoto.
It is important to note that just last month, the value of Bitcoin was $5,000. Not to mention, bitcoin could have been bought for around $570 just about a year ago.