The Department of Justice has noted that Bitcoins can be used as a “legal means of exchange,” and in doing so has caused the digital currency’s value to skyrocket to all-time high of $900.
It’s Bitcoin-madness today. On the same day the U.S. government began discussions about Bitcoin, the value of the digital currency is skyrocketing. Bitcoin’s value hit $900 on Mt. Gox exchange around 5 p.m. PST Monday, up more than 70 percent from Sunday’s close and setting an all-time high in the process. But, it also just dropped to $650 within the past 30 minutes, highlighting the current volatility of Bitcoin. The value of Bitcoin only hit $400 for the first time last week, and $500 for the first time on Sunday.