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

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