Bitcoin’s worth crossed the $15,000 threshold for the first time today, marking another milestone in its dizzying ascent. In recent months, the cryptocurrency has undergone a staggering increase in value; billowing from roughly $3,500 in mid-september to its current worth. And at the beginning of the year, one Bitcoin was value below $800.
What happens next is anyone’s guess, and most analysts are united solely in their uncertainty over the cryptocurrency’s future. Bitcoin way back stopped being helpful for truly shopping for things (partly thanks to its rocketing price and part thanks to achingly-slow dealings times), that the queries facing speculators are: is that this a bubble? And if therefore, once can it burst?
Some traders figure we’re getting close, and are preparing to short Bitcoin; that is, make bets that its value will decrease in the future. “[It’s] one of the greatest shorting opportunities ever,” cryptocurrency Lou Kerner told Bloomberg earlier this week. “You have a lot of zealotry, and a lot of people, including me, who think it’s the greatest thing to ever happen in the history of mankind. You have a lot of people who think it’s a bubble and a Ponzi scheme. It turns out both of them can’t be right.”
Although the general trend for Bitcoin’s valuation is only up, the cryptocurrency has been extremely volatile. On November 29th, for example, its value fell 20 percent in less than an hour and half; dropping from over $11,000 a tick above $9000. For true believers, such blips are only temporary, but skeptics caution that any plunge could end up being permanent. After crossing $15,000 earlier today it’s value quickly dipped down to around $14,800.