The value of the digital currency Bitcoin has continued to surge in recent days, reaching past $16,000 on Thursday to record its highest value to date.
From a value of $11,450 on Tuesday, Bitcoin jumped to a peak of $16,568.92 on Thursday — marking a rally that saw a huge 45 percent rise in the currency's value. The feat comes only eight days since Bitcoin breached the $10,000 mark. By 4 p.m. Thursday, the value of the currency remained strong at $15,804.
The popular cryptocurrency is now valued at around $271 billion, placing it higher than 488 of the top 500 companies in the large-cap stock index in the United States.
For the entire year, Bitcoin has surged a whopping 1,540 percent. The meteoric rise in the currency's value has Wall Street taking notice. However, while many people are being awed by its surging worth, others are fearing that the Bitcoin mania may end badly.
A growing number of Bitcoin watchers are warning investors about the skyrocketing currency.
"It's difficult to see anything move as Bitcoin has and not fear a devastating bubble bursting," says Craig Erlam, a senior market analyst at a New York-based foreign exchange firm. "If speculation is playing as big a role in the latest moves as some suspect, then very interesting times may lie ahead."
Skeptics also noted the wildly volatile nature of Bitcoin as a reason why the currency may never get the widespread acceptance that investors hope it would receive.
However, on the other side of the argument, Bitcoin supporters see the currency as the universal currency and payment system of the future. Investors are seeing it as a rising alternative to the dollar, euro or yen.
Although the arguments about Bitcoin will not be settled anytime soon, investors and skeptics alike will continue watching the roller-coaster ride of the popular digital currency.
