Ever felt you’re late to the party? Missed the bus? Or just not in the right place at the right time?
That’s how I feel about Bitcoin. I know many others feel the same way. Why? Because recent stories in the media have highlighted how the value of Bitcoin has skyrocketed since October 2013.
I was aware of Bitcoin back in 2009 but it didn’t light a fire under me. It looked like just another online venture that ultimately would not go anywhere. So I didn’t pay it any attention, forgot about it.
And that’s where things lay till about September 2013 when news about Bitcoin stated appearing in mainstream media. It’s rapidly rising price was catching people’s attention. From about May 2011 to February 2013, the price of a Bitcoin bobbed around between $10 and $30. In February 2013, the price started rising, and kept on going.
By April, coins cost $200. It dropped back to about $120 between then and mid-September. By the time Bitcoin reasserted itself in my consciousness in early October 2013, the price per coin was about $250.
I thought about buying a coin or two but thought the price was a bit high. Other things were vying for my attention around that time, so I never bought anything. By the end of October, the price had rocketed to $900 per coin. If only I’d bought at the beginning of the month. Ouch!
But then, there’s a lot of people out there like me who didn’t know enough about this crypto-currency and didn’t, or couldn’t, foresee its meteoric rise in value.
As I write this, on December 2nd, the price of a Bitcoin has dropped slightly from near $1200 per coin in the latter part of November to around $1020. Does this mean that a Bitcoin bubble has burst and the coin price will continue to drop?
Who knows? This is a volatile currency and a lot of speculators (i.e. financial types) are hopping on board, especially since the U.S. Congress agreed that Bitcoin was a legitimate currency in November 2013.
My $0.02 (if it’s even worth that) is that the price will continue to rise. There’ll be bumps in the road of course, but I think the era of a $25 spend (back in 2010 for example) yielding current values of several million dollars are probably over. In that sense, the gold-rush has been and gone. Now it’s down to folks who can work mines rather than pick gold up off the ground.
So with that in mind, I’m jumping in…
Filed under: Bitcoin Journal