November 20th, 2013
10:21 AM ET

Bitcoin Boom, Digital Currency Hits $900 Value

As investors, technophiles and lawmakers debate the legitimacy of Bitcoin, one thing's for sure: the fledgling digital currency is on the roller coaster ride of a lifetime.

Within a 28-hour period stretching from Monday morning to early Tuesday, the price of the currency soared nearly 70%, from a little over $500 to an all-time high of $900.98 before plunging back down again to a level just above $500. (Bitcoins trade 24/7 online.)

By midday Tuesday, Bitcoin was back above $700, a 50-fold increase since the beginning of the year, when a single Bitcoin was worth around $13, CNN Chief Business Correspondent Christine Romans reports.

We had a lot of fun on our show Wednesday as our team created Chriscoins, basically paper with Chris Cuomo's face on it.  On Twitter, fans responded positively.

Donald Newman: @NewDay Breaking News. Chriscoins burst on the virtual market and rival #Bitcoins in value.

The latest surge in Bitcoin has been fueled by investors, particularly those in China, betting on the future growth of the currency as a credible alternative.

Bitcoin was created anonymously in 2010 as an experimental form of money that exists only online. It is not managed by any central authority and is "mined" by solving complex math problems using powerful computers.

The algorithm behind the virtual currency caps the total number of Bitcoins at 21 million. Currently, there are almost 12 million Bitcoins in circulation, giving the currency a total market value of almost $8.5 billion.

Posted by
Filed under: Internets • Money Time • Tech • Videos
soundoff (One Response)
  1. Stefania Sczbecki

    Please donate Bitcoin. Be a nice person, no matter how small or big, in the name of the Lord Jesus Christ. BTC:

    December 26, 2013 at 11:28 am | Reply

Post a comment


 

CNN welcomes a lively and courteous discussion as long as you follow the Rules of Conduct set forth in our Terms of Service. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Service.