Bitcoin Price Sets Record, US Market Targeted

By

The digital currency known as Bitcoins recently broke a record of $32 this week. As of Friday midday (ET), the Bitcoin price was $35.31701, according to the MT Gox exchange.

The earlier record Bitcoin price was $31.9099, which was set on June 9, 2011. Bitcoins were at $31.94 on Feb. 27 before breaking $32.

“The event is a historic one for Bitcoin,” according to a report from Bitcoin Magazine. “When the initial Bitcoin bubble of summer 2011 collapsed, a number of media sources quickly spread the message that Bitcoin was a foolish crypto-anarchist dream and a fad that failed, and it was time to move on to more ‘legitimate’ products backed by the full support of the banking establishment.”

Some predicted the demise of the Bitcoin.

Bitcoin Magazine, however, cited how the Gartner Group Hype Cycle could be applied to the digital currency. New technologies often see five-stages: the initial trigger, inflated expectations, disillusionment, enlightenment and a “plateau of productivity.”

“It is quite possible that a new hype cycle will begin as Bitcoin truly breaks into the mainstream, and new groups of more professional speculators and investors seize upon the currency as a stock,” Bitcoin Magazine predicts.

The recent price increase for Bitcoins came at the same time as Japan’s MT Gox exchange partnered with CoinLab to bring its operations to the United States, the BBC said.

Unlike with dollars or pounds, Bitcoins are not issued by a central bank nor government authority. Bitcoins can be exchanged for real money. Still, many Americans may never have heard of Bitcoins – but someday it may be the way they get their paychecks.

The move to use the digital currency got a boost last week after the Internet Archive, a digital library, announced it is considering paying its employees in Bitcoins – if they want.




Edited by Braden Becker

TechZone360 Contributor

SHARE THIS ARTICLE
Related Articles

Turning Data into Stories with Natural Language Generation

By: Erik Linask    7/29/2020

Arria's NLG technology takes the burden of storytelling from data analysts by using artificial intelligence to turn data into narrative.

Read More

Benefits of using bitcoins for business

By: Special Guest    7/29/2020

Bitcoin is a digital cryptocurrency that is used by many people to make payments. Indeed, online retail stores are accepting bitcoins as a mode of pay…

Read More

Intelligent Defect Inspection: How Computer Vision Enhances Quality Control

By: Special Guest    7/28/2020

Business competition pressures manufacturers to produce faster, reduce expenses, and increase efficiencies. But all these requirements run into the qu…

Read More

It's Online Collaboration's Time to Shine: Are You Surfing the Wave or Sinking Under It?

By: Special Guest    7/27/2020

What should also be obvious to UCaaS providers is this is a rare opportunity. Unfortunately, too many appear satisfied with letting this wave roll by …

Read More

What Technology Does My New Business Need?

By: Special Guest    7/20/2020

Technology has helped to revolutionise business in several different ways, but with productivity at the heart of every business, technology is needed …

Read More