Bitcoin outbreak: cryptocurrency goes beyond $300 and hits all-time high

Last updated on August 22nd, 2016 at 01:29 pm

Only two weeks after surpassing the $200 barrier, Bitcoin is now celebrating a new milestone. And this one is more than just “huge” or “great”: it’s truly massive. The price of the most famous digital coin just went beyond $300 this Thursday (7).

This means that Bitcoin’s value has increased 20-fold in the past year alone, according to RT, breaking a new record as we write this sentence, with a high price around $324 on Mt. Gox. The exchange that made the headlines this week, BtcChina, shows a smaller value of ¥1,852, equivalent to more than $301. However, with the demand rising in China, the future looks even brighter.

The significant price boost happens one day after the release of the new version of the illegal marketplace Silk Road. The 2.0 drug bazaar was launched by a new administrator with the same moniker used by Ross Ulbricht, the previous Dread Pirate Roberts, who was arrested a month ago.

The good news also came one day after the emergence of a pejorative article regarding cryptocurrency, written by Joe Weisenthal and published by Business Insider, that is becoming viral among the community. The title of the opinion piece is “Bitcoin is a joke” and carries sentences like “Make no mistake, Bitcoin is not the currency of the future. It has no intrinsic value” or “Bitcoin is mostly just a speculative vehicle”.

Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.
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