Economic

Bitcoin Is Now a Billion Dollar Industry

“A tremendous thing happened in the weird world of bitcoin on Thursday. For the first time in the currency’s history, the total value of all bitcoins in circulation topped $1 billion.

That’s right: A billion bucks, right out of thin air. That’s oversimplifying things a bit, but we’ll get back to that. (By the way, if you still don’t understand how bitcoin works, read this.) For now, let you jaw drop — watch the drool — and start wishing you’d bought a bunch of the cybercurrency way back when the exchange rate was less than $5, because on Thursday it zoomed past $95 per bitcoin. Just to rub that in: if you’d invested $500 in bitcoin about a year ago, which is probably less than one month’s rent for you city dwellers, you’d have nearly $10,000 worth of stuff today. That’s about a year’s worth of rent. Stings doesn’t it?”

Source:Bitcoin Is Now a Billion Dollar Industry – Adam Clark Estes – The Atlantic Wire

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