Avocados to ‘Game of Thrones’ highlight bitcoin’s record rally

Proponents say gains just beginning as skepticism lingers.
Photo source: Shutterstock

Whether you’re a fan of Friedrich Nietzsche or Kelly Clarkson, the often cited adage that “what doesn’t kill you makes you stronger” certainly applies to bitcoin.

The digital currency reached another record high Friday after weathering a split last week that threatened to jeopardize its growing acceptance as an alternative means of exchange and legitimacy as an asset.

The speculative frenzy that has helped it surge more than threefold this year to as much as $3,560.55 has almost made it a household name, linking the cryptocurrency to everything from HBO’s popular television series “Game of Thrones” to the price of avocados.

While the debate rages over whether bitcoin is just a bubble, it has jumped more than 25% in the last week. That’s led to another heated discussion as to whether it will eventually hit $5,000 and has investors pondering a lesser known quote from the 19th-century German philosopher — “There are no facts, only interpretations.”

© 2017 Bloomberg

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It looks to me that speculation effects the price of bitcoin far more than the actual use of it to buy things. This really means that speculators are looking at it more as a commodity than a currency.

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