The Christian Science Monitor

Why today's bitcoin bubble recalls tulip mania and the dot.com craze

The digital currency called bitcoin has made speculators a fortune, drawn in drug dealers, technology optimists, and those who distrust traditional banks.

Now, it’s ever-more mainstream. From small investors in Japan to big institutional ones in the West, bitcoin is attracting new waves of people anxious to pour money into the latest craze.

It’s hard to resist the action. Worth 6 cents seven years ago, a bitcoin now sells for more than $10,000 – a mind-blowing rise of more than 16 million percent. This year alone, it’s value jumped from $998 to a record $11,155 on Wednesday morning. Seven hours later it had dropped 17 percent, then

A shift to JapanA US surge next?Classic ingredients for a bubble

You're reading a preview, sign up to read more.

More from The Christian Science Monitor

The Christian Science Monitor5 min readPolitics
Caught In Trump Impeachment Storm, Joe Biden Holds Steady
The Ukraine scandal hasn’t seemed to hurt Joe Biden’s standing in the polls. But as he attacks Trump, the Democratic candidate runs a risk – having his own résumé as a Washington insider turned against him.
The Christian Science Monitor12 min readPolitics
NRA Troubles: A Hunter Targets The World’s Most Powerful Gun Lobby
NRA corruption allegations have weakened the group. Plenty of gun rights advocates are ready to step in.
The Christian Science Monitor5 min read
Sea Levels Are Rising, So Why Is Coastal Construction?
Sea levels and flooding are on the rise, yet Charleston County, South Carolina, allowed 761 new homes in vulnerable areas over the past decade.