Bitcoins Hit $225

Updated on

Bitcoins have soared up and over $200 each, and they don’t show any sign of slowing down. At the time of this writing, Mt. Gox, the most well-known bitcoin exchange in the world, listed the value of bitcoins at $225.

Bitcoins Hit $225

The bitcoin rage is spreading fast as bitcoin ATMs spread to Los Angeles and Cyprus. Jeff Berwick, Bitcoin ATM founder, said he has received orders from as many as 30 countries for over 100 bitcoin ATMs. Just six days ago, bitcoins passed the $140 mark.

Bitcoins are becoming so popular so quickly that Mt. Gox said last week that it was under attack by hackers. The site reported a major denial of service attack as hackers possibly attempted to destabilize the system and then buy up bitcoins quickly as soon as the price dropped.

However, it didn’t take long for the value of the bitcoin to soar far above where it was at its high point before the value dropped last week briefly. Mt. Gox assured investors that panic selling was not in their best interests.

Bitcoins have been around since 2009 when they were developed by an unknown hacker who wanted to look for a way to offer payments without sending them through a financial institution. Bitcoins are mined in a fashion similar to gold, except in the virtual world using some major computing power. At this point there are approximately 11 million in circulation.

Some believe that the recent spike in volume can be attributed to the Cyprus banking crisis as investors look for safe havens for their money. Savers in Cyprus are experiencing difficulties accessing their money in the nation’s banks, and there’s concern about accounts being reduced under the terms of the government’s planned bailout.

Leave a Comment