Bitcoin Prices Have Tripled in a Year and Just Hit a New All-Time High
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Bitcoin prices have hit a record high, just a few days after breaking the previous all-time high a few days before.
The value of the alternative virtual "cryptocurrency" climbed above $1,400 for the first time ever on Sunday according to the Coindesk.com index, which takes into account several different independent exchanges.
One year ago, a unit of Bitcoin was worth only around $400. The currency has been on a steep climb ever since, hitting $750 in early December and $1,100 by February 2017. It hit a record-high of $1,330 last Thursday, and has stayed on a tear since then.
Some observers predicted that Bitcoin's value would skyrocket after the election of Donald Trump, because of the strength of the American dollar and the urge to invest in alternative currencies. Recent Bitcoin gains have come as the U.S. Securities and Exchange Commission said it was considering a Bitcoin ETF created by twin brothers Cameron and Tyler Winklevoss.
But there are also concerns in the Bitcoin world about some exchanges facing issues from corresponding banks about processing transactions, Coindesk reports. Mind you, most investing pros warn that it is unwise to invest in Bitcoin because it is still an unstable and relatively untested currency.