Bitcoin is north of the $400 mark, once again, for the second time since 2014. This time, it has surpassed a prior boomlet, reaching price points not seen since late summer last year.
You can mock the doldrums, but the current price of bitcoin must be edifying to its faithful. Here we have bitcoin doing what most people expected it to do last year. Check the chart [one-year chart, via Blockchain]:
As you can see from the graphic, bitcoin is indeed enjoying a second punch. The price of bitcoin is itself only a single indicator but one that matters. The higher the price of bitcoin reaches, the more media attention that it is afforded. So, up means up.
Through the recent discussion of bitcoin and blockchain, we have seen a retread of the discussion of what is fad, what is fact and what is future. It’s fad to argue blockchain over bitcoin; it’s fact to say that bitcoin matters as a financial incentive to keep the blockchain operative; and it is future-facing to watch bitcoin itself grow despite media handwringing.
Price bumps in bitcoin lead to media attention. That brings refreshed credence to the larger blockchain discussion. While the two are conjoined — forever — they will remain codependent.
So the last few weeks have been good for bitcoin. New local maxima on the price side? Sold. Rising transaction volume? Easy. Bitcoin is currently confounding both its true believers and its core detractors. The former expected exponential growth. The latter — complete collapse.
The revolution will come in steps. Who knew.