Too Good To Be True? Bitcoin Surpasses $15,000 As Market Cap Hits $250 Billion

Will the Bitcoin bubble ever burst? If so, when? Those are the questions that continue to elude investors and analysts alike, as each time Bitcoin's value rises to a new high, it seems like the end is in sight. But instead of ramming into an invisible ceiling and crashing down, it just keeps going up. To wit, Bitcoin's value recently topped $10,000, then $13,000, and now is trading at over $15,000.

As of this writing, Bitcoin is trading at $15,331.92. Two years ago to the day, Bitcoin was valued at $424.38. And if you go back to December 2011 when Bitcoin was barely a blip, it was trading at around $3. If you have invested just $100 in Bitcoin at the time and been able to hold onto it, you'd be sitting on more than half a million dollars worth of cryptocurrency. Had you invested $1,000 in Bitcoin back then, it would be worth $5.1 million. Hindsight, right?

Bitcoin

Of course, Bitcoin is not without its headaches. Fees for timely transactions can be high. Bitcoin is also volatile, and with a seemingly obscene valuation at present, investors are understandably nervous. So is Valve, which announced yesterday that it is no longer accepting Bitcoin as a payment method on Steam, both because of the high fees associated with the cryptocurrency and due to its volatility.

Bitcoin also made headlines this week over a security breach at NiceHash, a cryptocurrency mining marketplace. NiceHash is still trying to figure out the exact fallout from being hacked, but it is estimated that the looter (or looters) made off with more than $62 million worth, or even more based on Bitcoin's jump to over $15,000.

"Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days. In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are cooperating with them as a matter of urgency," NiceHash said in a statement.

Bitcoin's value probably isn't finished rising, due in part to some major financial institutions in the US announcing plans to allow trading Bitcoin futures. It seems crazy now, but when institutional investors get in on the action, Bitcoin could see a sharp rise, with some estimating it could skyrocket to $50,000 or even way higher.

Via:  CoinDesk
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