Bitcoin value soars above $1,000 on Mt. Gox exchange

The digital currency's rapid rise in value -- one Bitcoin traded for around $200 in November -- underscores its increasing popularity.

The dollar value of a single Bitcoin is on the rise.

Mt. Gox, a popular exchange for Bitcoin traders, has seen the conversion rate on its service explode over the last several weeks. On Wednesday, Bitcoin trading surpassed the $1,000 mark on Mt. Gox, hitting a high of $1,073.

Bitcoin currency trading has become a popular enterprise. Consumers head to exchanges like Mt. Gox and others and give up a certain amount of their local currency for a single Bitcoin. Because Bitcoin is decentralized, conversion rates can vary between exchanges. Mt. Gox, for example, tends to offer a slightly higher value than other exchanges.

Still, Mt. Gox's latest trading underscores the rapidly increasing popularity of Bitcoin. At the beginning of November, the currency conversion for US dollars was hovering at around $200 per Bitcoin. In just the last four weeks, it's up to more than $1,000 with no sign of slowing down.

Trading Bitcoins has become sport for many of tech's biggest names. The Winklevoss twins have been the foremost supporters of Bitcoin and are believed to have invested a collective $11 million in Bitcoins. That was long before Bitcoin hit its recent highs.

(Via Washington Post)

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About the author

Don Reisinger is a technology columnist who has covered everything from HDTVs to computers to Flowbee Haircut Systems. Besides his work with CNET, Don's work has been featured in a variety of other publications including PC World and a host of Ziff-Davis publications.

 

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