After a
mostly boring 2015, bitcoin is making waves as the year ends by reaching new price heights.
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.
Featured Image: dalebor/Shutterstock
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