In January 2017 Bitcoin Was Selling For $1,000, And Now It Is Selling For $13,000

I have never seen anything quite like this in my entire life. As 2017 began, Bitcoin was selling for about $1,000, and many were optimistic about what the new year would bring. But nobody could have imagined this. When Bitcoin hit $5,000 in October, it made headlines all over the world, but it has continued to rise at an exponential rate since then. My friend Joseph told me that Bitcoin would hit $10,000 ‘by December’, and it actually happened. This week, the euphoria has hit an entirely new level, and as I write this article the price of Bitcoin is sitting at an eye-popping $13,899.50.
The price of Bitcoin is going up so fast that it is difficult to keep up with it. Just check out this chart. Bitcoin hit $12,000 on Tuesday night, and it could very well be above $14,000 by the time this article gets to you. The following is how CNBC summarized the price movements that we have been witnessing over the past few days…
Bitcoin climbed above $13,000 Wednesday afternoon after topping $12,000 Tuesday night.
The volatile digital currency leaped 11 percent to hit a record high of $13,017.96 and was last trading near $13,000, according to CoinDesk. Bitcoin topped $12,000 Tuesday night in a rapid recovery from a 20 percent drop last week.
I have been writing a lot about Bitcoin lately, and I will probably be writing about it a lot more in the months ahead. We are in uncharted territory, and the financial community is having a difficult time coming to terms with what is happening. In all my years, I have never seen this sort of exponential growth over an extended period of time…

This post was published at The Economic Collapse Blog on December 6th, 2017.