As the price of Bitcoin peeked its head over $90 this morning, we reached a historic milestone: Bitcoin is worth a billion dollars.
I’m talking about Bitcoin as a whole here. The market cap (price times number of coins in existence) as I’m writing this is at $1,035,238,115, just over a billion (or as my Euro friends often say, thousand million) U.S. dollars.
Of course from a market perspective this doesn’t mean all that much – if we were a stock instead of a currency we’d still be considered “small cap” until about 2 billion, and a billion dollars is about the annual GDP of Micronesia but a nice big round number does feel good, doesn’t it?
Of course it may all be a bubble, or the result of manipulation. Bitcoin is notoriously volatile and it could crash just as easily as it’s rallied, but regardless of the mood with which we look back at this moment there is no denying that it is HISTORIC.
Update: This post got so much attention this morning I decided to whip together a YouTube video on my way to work, even though I don’t touch Bitcoin on my YouTube channel very often.
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