Bitcoins reach a major milestone

  • The value of a single Bitcoin has exceeded $1,000 partly due to all the praise from the Fed and the Senate. 

    The increase in value also means a lot of profit for early adopters. Lead developer of Bitcoin bought 10,000 of them for $50 initially and the value has probably increased to $10M. 

    However, Adrian Chen of the New York Times doubts that these prices will last. "Bitcoin is too dependent on speculative mania to be of practical use as a currency," he said. 

    Tagged as: bitcoin value, bitcoins, fed, money news, technology news