This week, Bitcoin breached the $12,000 mark for the first time. The total value of all Bitcoins is now approaching $100bn. Nine years ago, this phenomenon didn’t even exist. As of now, it has rocketed from the remote fringes of finance into the global spotlight at breakneck speed. In 2017 alone, its value has risen tenfold. In fact, it has more than doubled in just the last couple of months.
So, what on earth is Bitcoin? And is it a bubble waiting to burst, or the dawn of a new, enduring era?
Understanding Bitcoin and cryptocurrencies