Forbes, By Ken Rapoza
Ladies and gentleman, we have a Bitcoin bubble. In January, one bitcoin would fetch around $13. Today, Dec.4, 2013, it is worth $1,061 with $11.8 million sold on the Bitcoin Exchange. If the currency rose by just a measely 1,000% next year, that would bring it over $10,000. It’s clearly risen 8 times that in the last 11 months.
In 2011, Bitcoin aficionados were forecasting it to hit $5 by January 2013.
By now, FORBES readers know what a Bitcoin is and how it operates. In short, it is a virtual currency. Think PayPal, where you can send money to your lover without your husband knowing. The problem is, PayPal has real, traceable money. Bitcoin is private and anonymous. And while a chunk of bitcoin transactions are used for illicit sales, most politicians and one college is now treating this as cold hard cash. Read more.