Awhile back I posted on my fascination with bitcoin. As it turned out, the post was inspired by the all-time high price of bitcoin . . . up to that point.
Like an idiot, I chose that point, the all-time peak of bitcoin’s value, to make my first foray into buying some. Just a little. A very small investment, so small you could hardly call it an investment. I was just interested and wanted to stay interested enough to pay attention, but not so interested that it felt the least bit stressful.
My desire for stress-free bitcoining was good, because it lost value (surprising no one) pretty much immediately.
At that point, the value of bitcoin was nearing $1200, though it never quite reached that point in the winter of 2017. The surging commodity? currency? curroddity? failed to secure a stamp of legitimacy from the SEC, causing the digital market to suffer a bit. But after scuttling to the $1,000/BC mark, blockchain-generated bucks did an about face and have doubled in value in under two months.
Market insiders credit an increase in popularity and official acceptance (thank you, Japan) in Asia for the volume trading explosion worldwide. They also attribute the spike in urgency for a currency independent of government/bank oversight to the recent steep drop in confidence in western government (thank you, Donald).
Personally, I think the spike in value has on-the-fence investors afraid of missing an even bigger exponential gain. With the current rate of increasing accelerating seemingly daily, it’s difficult to sit back and watch other people making coin.
There’s no certainty in any of it, though. There have been mass thefts, drug busts, and black market rings aplenty. The WannaCry ransomware attack of May 2017 demanded payments in bitcoin, making it yet one more instance of digital currency used for sordid trading. I get it. People who need to make their money disappear are bound to find uses for a cryptocurrency that protects anonymity. Yet the system itself is extremely traceable. Literally every transaction is recorded and archived, making it a not entirely safe haven. But still, no certainty. As long as it is the preferred currency of criminals and hackers and, well, nerds, there will still be doubt about its long term viability.
But. When it becomes legal tender at Starbucks, I’m going all in.
Stay tuned. I’ll be updating with posts about bitcoin from time to time. Subscribe if you’d like to stay up to date on such things.