Price of Bitcoin Surges Past $1,000, up 8,000% in One Year

Posted by Knowlton Thomas

Today the price of the bitcoin surpassed $1,000 for the first time ever on the Mt. Gox online exchange.

The wildly fluctuating digital currency was trading at just $12 last year and $250 earlier this month.

The completely unregulated currency surged to $1,044 today, up 80-fold from one year ago.

 

SEE ALSO: The Bitcoin is Flawed and May Not Survive

 

Some speculators are betting on a continued rise in the price of the bitcoin, anticipating mainstream acceptance in the future, while others denounce the volatile financial instrument as one in a bubble.

The Canadian Revenue Agency, for one, does not classify bitcoins as "real money."

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys playing tennis, hiking, and exploring weird side streets. more




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