Bitcoin, the digital currency that has become a global phenomenon, reached an all-time high today, topping $200 (U.S.).
It went as high as $217 at one point.
As The Globe and Mail’s Omar El Akkad writes, Bitcoin has become an Internet sensation, suddenly surging in value four years after its birth.
Just to illustrate how far it has come, one Bitcoin was worth about just $9 two years ago, and is now being talked about by those in the currency trade.
Of late, this currency has been gaining as the euro crisis rears its ugly head again. Now, of course, there are questions over whether it’s in bubble territory.
What to make of this?
"You can think of Bitcoins like the suburbia of Toronto, with the crucial difference that the land isn’t real and the government steps in to limit the supply the more investors apply," said Sébastien Galy of Société Générale.