The value of the digital currency Bitcoin has been skyrocketing in recent months.
It’s only been around since 2010 and those who invested in it early say it’s a currency that will disrupt the world — eliminating the need for banks.
But economists caution, not so fast.
“Bitcoin is the future, it’s digital currency that’s changing the world,” said Jim Blasko, Cryptocurrency developer.
In the digital world of cryptocurrency, bitcoin has become more than just 1’s and 0’s for Jim Blasko.
“It’s freedom from banks, it’s freedom from the system, it allows you to hold onto something, or use it in little bits, to pay off small amounts of money,” Blasko said.
Bitcoin is a digital currency. It acts like gold or silver because there’s only so much of it, and demand drives the price.
There are 21 million Bitcoins, a number that will never change. Blasko has been involved since Bitcoins began trading back in 2010. It’s paying off, he said.
“Three days ago, in Newport, I took 40 Bitcoin and bought a Lamborghini, and there was a time where that was about $40, those 40 Bitcoins.”
That comes out to about a cool quarter of a million bucks.