Nothing like a little bit of speculation gone wild to kick off the holiday spending season.
Bitcoin just traded past the $1,000 per coin mark on Mt.Gox, one of its largest exchanges — as we write this, it’s at $1,022, with a high of $1,030 a few moments ago.
The currency has been on a massive run the past several days, shooting up hundreds of dollars per unit, prompting complaints that its value is overheated, leaving its price unmoored from any sort of inherent utility. Well, yes, but it’s still fun to watch.
Here’s the chart that shows how the price has been creeping up:
The market capitalization of the Bitcoin market is far above the potential stored functional use of the currency in even the medium-term, implying to me that it is overvalued. Do what you will, just be careful.
Top Image Credit: Flickr