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Tag: price of bitcoin

The bitcoin price today is dependent on economic factors that affect the exchange rates between all major currencies. While bitcoin is not a government-sanctioned currency, numerous markets exist that will exchange bitcoins for a variety of other currencies, including dollars.

A currency defined by fluctuations
The first bitcoin was mined in early January 2009, according to History of Bitcoin. The currency did not acquire value relative to other currencies immediately, however. Blockchain.info, a site that tracks and monitors bitcoin activity, noted the currency first gained value against the dollar in 2010, when the value of an individual bitcoin crept up to more than $0.07. Since that initial bump, the currency has always maintained some value against other currencies, though the exact amount changes rapidly based on global economic activities.

The biggest spike in bitcoin prices occurred at the tail end of 2013 when prices rapidly shot up to eventually more than $1,000 per bitcoin. That stratospheric rise was the result of several market forces, including a jump in Chinese bitcoin demand, the implosion of the illegal goods website Silk Road and increased visibility for bitcoin overall, according to Forbes. Those lofty prices did not last, and prices soon fell to their current level between $200 and $300.

What drives investors to purchase bitcoin?
As with any item, the bitcoin price today is largely determined by current demand for bitcoins. Economic instability brought on by the economic crisis in Greece has been positive for bitcoin because many people inside and outside of these countries see the currency as a hedge against the failure of traditional monetary systems. Because bitcoin is not regulated by a single governmental body, it’s worth is entirely based upon use, supply and demand. That makes it behave similarly to a safe haven commodity investment like gold.

When economic conditions are unstable, investors tend to move their money toward commodities like gold that retain value outside of any single government’s monetary system. Because the bitcoin supply is limited, individual bitcoins maintain a consistent value, just as is the case with precious metals and other physical commodities. The bitcoin price today is a direct result of people’s interest in holding bitcoin instead of other, more liquid currencies.

While bitcoin remains on the fringe of mainstream culture, it is a viable investment option, and fluctuations in the daily bitcoin price can make it a profitable choice for investors.

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As quoted in the press release:

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