Remember last week when we were talking about how amazing it was that bitcoin’s value hit $10,000 for the first time? Well, it’s already grown by another 50% since then. Early this morning, the digital currency rocketed past $15,000, growing more than $3,000 in just 36 hours, CNBC reports. That makes bitcoin 15 times more valuable than it was at the beginning of the year. At last check, CoinDesk had the value pegged at $15,443.
The cryptocurrency’s rapid rise and known volatility is stirring fears that it will all come crashing down. Speaking at an investor conference last week, Michael Novogratz, a former head fund manager for Fortress, said, “I think this [crypto] is going to be the biggest bubble of our lifetimes by a longshot.”
I’m not usually a big one for superlatives, but knowing a little bit about bubble dynamics (they pop, FYI), I can’t say I disagree. Here’s more context from CNBC.