Technology

Bitcoin value continues to climb after hitting all-time high

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Bitcoin hit a Friday high of $1,206— about $41 more than its previous all-time high of $1,165, which it hit in November 2013.

The digital currency hit a record high on thursday, when it was trading at $1,186.

The spike comes at a time when plenty of high-profile entrepreneurs such as Barry Silbert, Blythe Masters, and the Winklevoss brothers helped usher in a new era of financial transacting that has made peer-to-peer electronic cash mainstream.

Bitcoin is arguably the most notable of the crypto currencies. The last time we reported a rally was last June when it hit $696.5 — a two-year high at the time.

These days, there’s less bitcoin to go around. A limit of 21 million bitcoins will be generated by 2140, and we are getting closer to 80 percent of this finite supply being brought into circulation, according to crypto-currency news site The Merkle.

The price per existing bitcoin should continue to go up in value even if 4.2 million coins are slated to be generated after January 2018, causing the demand for bitcoin to increase as well.

Currently, bitcoin’s high value is believed to be tied to the stock market rally since President Trump was elected ( h/t TechCrunch). Also, the new director of the Office of Management and Budget — Mike Mulvaney — is an advocate of crypto currencies.

Bitcoin was created by Satoshi Nakamoto, a pseudonym for someone, or a team, whose true identity has yet to be confirmed.

Source: http://www.bizjournals.com/newyork/news/2017/02/24/bitcoin-value-continues-to-climb-after-hitting-all.html