Bitcoin Surges Above $14,000 For The First Time
PHILADELPHIA (CBS) -- The value of cyber-currency Bitcoin has broken two record highs in less than 24 hours.
If you've thought about cashing in, join the club. If you don't quite understand the concept, you're in even better company.
Attempting to understand Bitcoin is similar to trying to understand the Internet in 1980.
Bitcoin is a form of digital or "Cryptocurrency," so while you can't physically see or hold it, you can buy, sell or trade coins (or parts of one) for a profit.
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"We are up $2,000 since yesterday," said Matt Roedell from behind two computer screens in Northeast Philadelphia.
Roedell is a Philadelphia-based CryptoTrader and the owner of Philly Bitcoin Consulting.
"You connect your bank account and your money goes in and out just like it would anything else, any investment you would make," he said.
Investors like Roedell are quite happy as of Wednesday evening, when in the middle of our interview, Bitcoin's value reached an all-time high of $14,000.
Bitcoin's price has risen over 1,700 percent in the past year. All of this enthusiasm has caught the eye of traditional economists.
"You run lots of risks under those circumstances," said Joel Naroff, owner of Naroff Economic Advisors.
That said, it is a concept, and a risk that Philadelphia was early to embrace. Last year the city became home to the first Bitcoin ATM.
There are also several establishments in the city where Bitcoin is accepted, including the Philadelphia Brewing Company in Fishtown, the first bar in America to accept bitcoin as payment and several properties for sale in the area that advertise Bitcoin transactions.
While Bitcoin has emerged from past lulls, experts still advise commonsense investing.
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"Don't put in more than you can stand to loose," said Roedell.
As it is worldwide, unregulated and often anonymous there are risks, including the potential that this bubble will burst.
"It's a speculative asset right now," added Naroff. "Enter into it realizing that you could make a lot of money or could you could lose everything."
