Bitcoin may be digital currency, but why would anyone spend it?
At this point, it's worth it just to hang on your bitcoins, given the extraordinary run that it's been on. The digital currency surged briefly to more than $18,000 before crashing down, according to Coinbase. It's now trading at more than $16,000.
The action was so hot that by midday, the San Francisco-based Coinbase tweeted it was "currently experiencing record high traffic."
Remember, bitcoin was valued at around $1,000 at the beginning of the year, but it really began its big run over the last two months.
At its current rate, it could climb to $17,000 before day's end. While critics fear there's a bubble in the making, the currency continues to rise in value.
First published Dec. 7, 8:22 a.m. PT.
Update, 8:22 a.m. PT: To note bitcoin already passed $16,000.
Update, 1:30 p.m. PT: Includes bitcoin reached the $18,000 mark.