If you’re like me, you’ve possibly been ignoring the bitcoin phenomenon for years — because it seemed too complex, far-fetched, or maybe even too libertarian. But if you have any interest in a future where “the worlds” moves beyond fossil fuel, you and I should both start paying attention now.
Last week, the value of a single bitcoin broke the $10,000 barrier for the first time. Over the weekend, the rate nearly smacked $12,000. At the beginning of this year, it was less than $1,000.
If you had bought $100 in bitcoin back in 2011, your investment would be worth virtually$ 4 million today. All over the internet “theres” legends of people who plowed their friends to lunch a few years ago and, as a rarity, paid with bitcoin. Those same beings are now recognizing also that if they’d only paid in money and held onto their digital money, they’d now have enough coin to buy a house.
That sort of abrupt rise is stunning, of course, but bitcoin wasn’t intended to be an investment instrument. Its pioneers envisaged it as a substitution for coin itself–a decentralized, stick, anonymous procedure for moving price between people.