By NATE DERRENBACHER
On Wednesday, Nov. 29, Bitcoin, a virtual currency, surpassed the $11,000 mark for the first time. Hours later, the value of Bitcoin dropped by nearly $2,000.
Although the current valuation is nearly $10,000 for each Bitcoin, this shows a hefty return of more than 1,000 percent this year alone. This rise and fall shows not only the power of virtual data, but also the extreme volatility of it as well.
Today’s mass media represents a marketplace where all consumers want to feel represented and connected. This has opened a paradigm where people want to be involved in all things trendy – adjusting diets to be trendy, adjusting products used because they are trendy and adjusting lifestyles based on trendy material seen online.
This virtual paradigm causes a new level on inflation and growth that hasn’t been experienced in the past. Even 10 years ago, a cryptocurrency such as Bitcoin would not have been successful, let alone making new millionaires.
The news media love to follow things that are relevant and Bitcoin has been no exception. All business journals and mainstay news networks alike have covered the swift rise in Bitcoin popularity and value.
Although not everyone is an expert on currency trading or this new category of currency, it is a trend that has been supported as such. News media coverage and influence has led to the rise and popularity, but with the uncertainty of all trends, Bitcoin may not be on the rise forever.