Bitcoin on Fast Track to $1000
Tweet
Share
E-mail
Virtual currency bitcoin is continuing its parabolic surge Tuesday. Bitcoin hit $950 moments ago before backing down to around $940. It is up 18% today and up 340% since the beginning of November when it was around $215.
This month's Congressional hearing on bitcoin only served to strengthen the case for the programer-mined currency after the Department of Justice said it can be a "legal means of exchange." The hearing was scheduled after website Silk Road was shut down in October with its exchange being used for drugs, guns and other illicit goods with participants using bitcoins for transactions.
There are an estimated 12 million Bitcoins currently in calculation out of a grand total of 21 million that can be mined.
The biggest beneficiaries of the recent surge in bitcoin may be the Winklevoss twins. Reportedly, they own 1% of all the bitcoin in circulation and are seeking to create a bitcoin ETF that will be traded publicly.
This month's Congressional hearing on bitcoin only served to strengthen the case for the programer-mined currency after the Department of Justice said it can be a "legal means of exchange." The hearing was scheduled after website Silk Road was shut down in October with its exchange being used for drugs, guns and other illicit goods with participants using bitcoins for transactions.
There are an estimated 12 million Bitcoins currently in calculation out of a grand total of 21 million that can be mined.
The biggest beneficiaries of the recent surge in bitcoin may be the Winklevoss twins. Reportedly, they own 1% of all the bitcoin in circulation and are seeking to create a bitcoin ETF that will be traded publicly.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mexico Central Bank Keeps Overnight Rate Unchanged At 6.50%
- Yen Slides To Weakest Level Versus Dollar Since July 2024 - Bloomberg
- Japan likely to hold off on fresh yen intervention until USD/JPY nears 160
Create E-mail Alert Related Categories
Forex, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
