Bitcoin is back over $1,000 as value climbs

Brittany A. Roston - Jan 2, 2017, 4:21 pm CST
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Bitcoin is back over $1,000 as value climbs

Bitcoin’s value is slowing climbing, and has exceeded the $1,000/ea valuation for the first time in about three years. The so-called cryptocurrency saw its value peak — and then crash — in 2014, and though the price has been relatively stable since, the yearly trend shows its value climbing. The currency is largely used for online purchases in which anonymity is important, though it is increasingly being accepted by mainstream retailers, too.

Ultimately, Bitcoin saw its value increase 125-percent in 2016, bringing the value back up close to its 2014 high. According to Reuters, the cryptocurrency has reached the high it last saw in December 2013. While it has had substantial highs, Bitcoin has also seen some relatively steep lows — it dipped below $400 at one point.

Bitcoin’s all-time high was $1,163 USD, at least per the Bitstamp exchange, and so this latest milestone brings it back nearly to its best performing moment. Whether it will ultimately hit or exceed that previous high is anyone’s guess, as is the cryptocurrency’s future performance. Those considering dabbling in it as an investment should exercise caution.

Bitcoin remains popular as a way to sidestep the trickiness of cash and the restrictions and lack of privacy of traditional digital payments. On the less notable end of the spectrum is Bitcoin’s vital role in the modern dark net drug markets, however, the cryptocurrency is also used to make purchases in places where items may be heavily restricted or to get around traditional financial hurdles.

SOURCE: Reuters


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