03 Apr '13, 5pm

I Bought a Bitcoin

I Bought a Bitcoin

Yesterday, I did something entirely irrational – something both my common sense and my work as a business writer should have prevented me from even considering. I decided to buy a Bitcoin. If you're just catching up, Bitcoins are a virtual currency that is, right now, experiencing a flash of instant celebrity. Bitcoins have been around since 2009, but recently, they've become the financial media's favorite obsession. The price of a single Bitcoin has gone on an insane tear, from $34 to $140 in the span of month. Wall Street analysts are getting questions from their clients about Bitcoins, Bitcoin ATMs are being put up around the world, and the value of all Bitcoins in circulation now stands at $1.6 billion. That's not a tremendously large number for a global currency (the value of all U.S. dollars in circulation is roughly $1.1 trillion). But for a so-called "crypto-curren...

Full article: http://nymag.com/daily/intelligencer/2013/04/i-bought-a-b...

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