Bitcoin crosses $10,000 milestone | 2017-11-29 |

Bitcoin crosses $10,000 milestone

Sun Online Desk     29th November, 2017 01:01:10 printer

Bitcoin crosses $10,000 milestone


The value of one bitcoin has gone past $10,000 (£7,493).


The virtual currency reached the benchmark for the first time, just days after it passed $9,000.


It caps a remarkable rise in value for the crypto-currency, which was trading below $1,000 at the start of the year.


The total value of all the bitcoins in existence has now surpassed $167bn.


Bitcoin first reached $1,000 in late-2013 and then dipped significantly before starting a volatile climb to its current value.


Many industry watchers believe the rapid rise in value will not be sustained and expect its value to suddenly fall sharply.


Bitcoins were first produced in 2009 and took a long time to become an accepted holder of monetary value that could be swapped for real-world cash.


One early transaction involved using 10,000 bitcoins to buy two pizzas.


The boom has led to a general rise in many other virtual currencies.


One, known as Ethereum, is now worth about $480, but at the start of 2017 each one was worth only about $10.


Many others are also trying to profit from the growing interest in crypto-currencies.


Source: BBC