Bitcoin has reached a new all-time high of over $23,000, beating its previous spike in December 2018 of just under $20,000, making the whole stack worth $428 billion. This makes the first time Bitcoin was used to pay for something, 10,000 coins for two pizzas, look like a poor deal—that’s $115 million each now. Bitcoin is notoriously volatile: At the start of 2020 it was worth around $7,200, and even dipped to under $5,000 in the spring. Despite technical issues, numerous frauds, and exchange bankruptcies, there are over 110 people that hold over 10,000 coins each. Bigger investors will help stabilize values in the long run, but it remains worryingly susceptible to the winds of fortune.
–CL