On Monday 22 May, the value of Bitcoin reached an all-time high, $2183 having already risen above $2000 over the weekend following continued interest from users across Asia.
This year alone, Bitcoin has risen in value from just over $1000 in January to the present price, an increase of around 125% as well as appearing resistant to market volatility.
Bitcoin was introduced in 2009 and CNBC noted that if you purchased $100 worth of Bitcoin in 2010, it would now be worth a staggering $73 million.
Monday’s achievement was exactly seven years since the first transaction of Bitcoin took place, a day now known as Bitcoin Pizza Day, when someone paid $10,000 Bitcoin for two pizzas – $22.5 million at today’s prices!
At times this year, Bitcoin has been more valuable than gold, Bitcoin is not the only digital currency gaining value.
Recent months have also seen rivals including Ripple and Ethereum actually gain value faster than Bitcoin.
The surge in valuations of digital currencies has led some commentators to say that a bubble in crypto currencies is already developing and that growth is currently unsustainable.
“The question is not if but when the market will turn,” an editorial in the Economist said.