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Bitcoin value tops at £21

Bitcoin, the internet’s own currency, has continued to grow in value, in a world economy that seems untrustworthy over half a decade along from the 2008 market crash. Now though it’s reached a new peak, with the average Bitcoin now going for over $32 (£21).

The high point was yesterday however where it hit $33.22 (£21.90) on the MtGox exchange – the most popular Bitcoin trading website.

Bitcoin
Bitcoins can pay for Dominos pizza. Of course you wouldn't do that because why would anyone buy Dominos?

This a meteoric rise in value, as back in December last year you could find Bitcoins for as low as £9. Looking at Blockchain’s stats, you can see that if you go back a year, they could be found for £3. This is a huge increase and it doesn’t show any signs of slowing.

No one seems to know why Bitcoins are becoming so valuable either. Online gambling is helping and there are some companies that are beginning to legitimise the currency by accepting it as a payment option or for donations.

If you’re planning to invest in Bitcoins however, just be aware that just as it has risen sharply in the past few months, it also has had serious crashes in its history. Back in 2011 its value dropped from $30 to $3 in a very short period.

KitGuru Says: I’ve not really played around with Bitcoins myself. Do any of you guys have any experience with buying or trading them? Are you making money on this latest upswing in value?

[Cheers Wired]

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