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?