$100 of bitcoin in 2010 is worth $75 million today – Washington Post

Bitcoin has received a lot of attention over the past few weeks in the wake of the recent malware attacks that impacted dozens of countries and thousands of businesses around the world which required a ransom payment to be made in the digital currency to unlock files that were encrypted by the virus. The question for many business owners is that, given its growing acceptance, is it ready for prime time? Should we accept bitcoin?

Theres no question that its been a good investment, particularly if you bought at the right time. According to this report from CNBC, the price of a single bitcoin has recently soared to $2,200 from just $0.003 only seven years ago. We know this because on Monday its fans celebrated the anniversary of Bitcoin Pizza Day, when Laszlo Hanyecz, a programmer, spent 10,000 bitcoin for two Papa Johns pizzas. Times have definitely changed.

So whats driving the run up in price? CNBCs tech correspondent Arjun Kharpal cites factors such as new legislation in Japan that allows retailers to accept the cryptocurrency (40 percent of all bitcoin trade is in Japan), the resolution of a dispute in the digital community that couldve created competing currencies and the general market turmoil brought on by global economic uncertainty.

PresidentTrumps stated desire to weaken the dollar and make American goods more attractive overseas may also be contributing. Not only that, but according to this report on CNN.com, a few high ranking members of his administration, like budget director Mick Mulvaney and vice president Mike Pences chief economist Mark Calabria, have both supported the cryptocurrency.

The currency is not backed by any government and cant be physically held in your hands. Its just out therein the etherand protected by blockchain, a digital recordkeeping system thats so secure many banks are considering a move toward adopting it as the backbone of their payment systems.

Some small businesses, particularly online retailers, are considering accepting bitcoin as another means of payment. Most investors agree that, although the currencys meteoric rise is very attractive, its also an extremely volatile and risky investment. Once you start accepting bitcoin in your company youll have to ask yourself what business youre really in: your business, or the currency business.

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$100 of bitcoin in 2010 is worth $75 million today - Washington Post