Bitcoin exchange rate tops $1,000 for first time ever

By on November 27, 2013, 3:30 PM
bitcoin, virtual currency, cryptocurrency, value, exchange rate

Digital crypto-currency starlet Bitcoin reached the $1,000 mark for the first time ever overnight as the virtual currency continues to soar in popularity. The value of Bitcoin has doubled in the past week alone and is up around 4,000 percent on the year.

To put it into perspective, a single Bitcoin was trading for around $200 at the beginning of the month and is now around the $1,000 mark. Having bought in even at the $200 mark would net you a substantial profit that you’re unlikely to come across elsewhere.

Examples of those that bought in early include Gavin Andresen who purchased 10,000 Bitcoins for just $50. He ultimately gave away one Bitcoin at a time on a website called the Bitcoin Faucet but had he held on to the investment, it would be worth nearly $10 million today.

The Winklevoss twins of Facebook fame managed to purchase $11 million in Bitcoins by April 2013 when the currency was worth $120. At present, their holding would be worth somewhere around $90 million. Those that bought in or mined when the currency was trading at pennies on the dollar must be ecstatic at this point – so long as they haven’t sold off their stash yet.

Have you invested in any virtual currency? If not, do you plan to do so in the near future to try and take advantage of the market before it grows any more or do you think it’s reached its maximum potential?




User Comments: 10

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davislane1 davislane1 said:

I have no intentions of investing in a virtual currency, at least not until after the Bitcoin bubble bursts. Same goes for other more legitimate assets. Once it tanks and the holy trinity of speculative finance (those who made big profits, those who took huge losses, and those who only had opinions) has done its usual song and dance, then I'll consider taking a position in Bitcoins. That is, if they haven't been declared unlawful by that point.

Burty117 Burty117, TechSpot Chancellor, said:

I tried mining Bitcoins recently, turns out it's not that easy it's a shame, would be good money xD

wastedkill said:

I tried mining Bitcoins recently, turns out it's not that easy it's a shame, would be good money xD

Mine a alternate currency then lol

ikesmasher said:

UGH if I had just purchased TEN when they were worth a buck a piece.....UGH

cliffordcooley cliffordcooley, TechSpot Paladin, said:

I tried mining Bitcoins recently, turns out it's not that easy it's a shame, would be good money xD
I have a feeling you would have to sink 10 (at least 5+) grand in a system to see a positive balance in return profit. The sad thing is it wouldn't be a one time expenditure either, as you would need to keep your machine faster than the "Average Joe". If you are an average Joe such as myself, your only option would be buying low and selling high.

After the incident with the banks showing their a-ss and the courts recognizing Bitcoin as a currency, I have a sneaky suspicion Bitcoins will only grow in value for quite some time. The only thing left is for governments to start taxing Bitcoin transactions and the death of the banking system as we know it.

2 people like this | Guest said:

I bought 44 bit coins when they had their first spike earlier this year for $105 each. My wife said I was stupid but now she wants to go on faction with them. Good thing she doesn't have the key to my wallet!

cliffordcooley cliffordcooley, TechSpot Paladin, said:

Good thing she doesn't have the key to my wallet!
Hahaha, thats funny!

Good luck keeping the key secret.

VitalyT VitalyT said:

Looks and sounds like just another bubble waiting to burst at any moment.

Timonius Timonius said:

I tried mining Bitcoins recently, turns out it's not that easy it's a shame, would be good money xD
I have a feeling you would have to sink 10 (at least 5+) grand in a system to see a positive balance in return profit. The sad thing is it wouldn't be a one time expenditure either, as you would need to keep your machine faster than the "Average Joe". If you are an average Joe such as myself, your only option would be buying low and selling high.

And then there's the cost of energy to run your mining rig. Based on calculations someone else pointed out, if I set my current computer to mine 24/7 throughout the month I might make a fraction of a BitCoin worth $20-$30 and my energy used would definitely cost an extra $30 or more for the month.

AnonymousSurfer AnonymousSurfer said:

I heard about Bitcoins on 11/21 when they were $795/1?. 3 days later they were $849/1?. I definitely plan on investing but I am waiting for the price to drop dramatically before I do that. There has to a time when it dives in price.

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