Warnings of new financial bubble as #bitcoin price hits $10,000 - World Socialist Web Site
▻https://www.wsws.org/en/articles/2017/11/29/bitc-n29.html
Warnings of new financial bubble as bitcoin price hits $10,000
By Andre Damon
29 November 2017
The price of the digital currency bitcoin reached $10,000 late Tuesday, an eleven-fold increase since the start of the year, when it was valued at $900.
The explosive surge of bitcoin, the first so-called “cryptocurrency,” or digital money, has eclipsed the run-up of any comparable asset in modern history. As the New York Times noted Tuesday, “The Dow Jones industrial average, in its biggest year, 1915, went up 82 percent, or one-tenth as much as Bitcoin has gone up this year. Amazon’s red-hot stock is up only one-fifteenth as much as Bitcoin this year.”