Monday marks the seven-year anniversary of Bitcoin Pizza Day – the moment a programmer named Laszlo Hanyecz spent 10,000 bitcoin on two Papa John's pizzas.More important than the episode being widely recognized as the first transaction using the cryptocurrency is what it tells us about the bitcoin rally that saw it break through the $2,100 and $2,200 marks on Monday.Bitcoin was trading as high as $2,251.61 midday Monday, hitting a fresh record high, after first powering through the $2,000 barrier over the weekend, according to CoinDesk data.On May 22, 2010, Hanyecz asked a fellow enthusiast on a bitcoin forum to accept 10,000 bitcoin for two Papa John's Pizzas.At the time, Hanyecz believed that the coins he had "mined" on his computer were worth around 0.003 cents each.Bitcoin mining involves solving a complex mathematical solution with the miner being rewarded in bitcoin.This is how Hanyecz got his initial coins.The cryptocurrency has many doubters as it continues to be associated with criminal activity, but it has still seen a stunning rally.

Here are two facts, on Bitcoin Pizza Day, however, that highlight this: While being worth $30 at the time, Hanyecz pizzas would now cost $22.5 million at current bitcoin prices.If you bought $100 of bitcoin at the 0.003 cent price on May 22, 2010, you'd now be sitting on around $75 million.A number of factors have been driving the rally: Recently passed legislation in Japan that allows retailers to start accepting bitcoin as a legal currency has boosted trading in yen, which now accounts for over 40 percent of all bitcoin trade Political uncertainty globally has driven demand for bitcoin as a safe haven asset A debate within the bitcoin community about the future of the underlying technology behind bitcoin known as the blockchain has been taking place.There was fear at one point this could lead to the creation of two separate cryptocurrencies but those worries have largely subsided with an alternative, more palatable option now being put forward.For an in-depth look at the factors driving bitcoin, click here.

Bitcoin has rallied over 120 percent year to-date.Blue Sky Innovation Technology $100 of bitcoin in 2010 is worth $75 million today Bitcoin has received a lot of attention over the past few weeks in the wake of the recent malware attacks that impacted dozens of countries and thousands of businesses.Victims were required to pay a "ransom" in the digital currency to unlock files that were encrypted by the virus.The question for many business owners is that, given its growing acceptance, is it ready for prime time?Should we accept bitcoin?There's no question that it's been a good investment, particularly if you bought at the right time.According to a report from CNBC, the price of a single bitcoin has recently soared to $2,200 from just $0.003 seven years ago.We know this because on Monday its fans celebrated the anniversary of Bitcoin Pizza Day, when Laszlo Hanyecz, a programmer, spent 10,000 bitcoin for two Papa John's pizzas.Times have definitely changed.So what's driving the run up in price?

CNBC's tech correspondent Arjun Kharpal cites factors such as new legislation in Japan that allows retailers to accept the cryptocurrency (40 percent of all bitcoin trade is in Japan), the resolution of a dispute in the digital community that could've created competing currencies and the general market turmoil brought on by global economic uncertainty.President Donald Trump's stated desire to weaken the dollar and make American goods more attractive overseas may also be contributing.bitcoin chart sgd, a few high ranking members of his administration, like budget director Mick Mulvaney and vice president Mike Pence's chief economist Mark Calabria, have both supported the cryptocurrency.ethereum etc vs ethThe currency is not backed by any government and can't be physically held in your hands.litecoin location

It's just out there - in the ether - and protected by blockchain, a digital recordkeeping system that's so secure many banks are considering a move toward adopting it as the backbone of their payment systems.Some small businesses, particularly online retailers, are considering accepting bitcoin as another means of payment.Most investors agree that, although the currency's meteoric rise is very attractive, it's also an extremely volatile and risky investment.comprar bitcoins en btc-eOnce you start accepting bitcoin in your company you'll have to ask yourself what business you're really in: your business, or the currency business.donde comprar bitcoin baratoPrivacy Policy Copyright © 2017, Chicago Tribune Bitcoinbitcoin for sale in ghana

Bitcoin's price has the potential to hit over $100,000 in 10 years, which would mark a 3,483 percent rise from its recent record high, an analyst who correctly predicted the cryptocurrency's rally this year told CNBC on Tuesday.In December, Saxo Bank published its annual report called "Outrageous Predictions" with one of the forecasts calling for bitcoin to hit $2,000 in 2017.bitcoin ja oder neinAt the time the note was published, bitcoin was trading at around $754, so the target price represented a 165 percent rise.ethereum eth or etcBitcoin hit $2,000 on May 20.dell bitcoin ukBut now, Kay Van-Petersen, the analyst behind the call, is looking long term and sees a big rise ahead for bitcoin.How will bitcoin hit $100,000 Here's how he came up with his price target in 10 years.

Van-Petersen is assuming cryptocurrencies in general – not just bitcoin – will account for 10 percent of the average daily volumes (ADV) of fiat currency trade in 10 years.Foreign exchange ADV currently stands at just over $5 trillion, according to the Bank for International Settlements.Ten percent of $5 trillion is $500 billion.This is the ADV that cryptocurrencies could have.Bitcoin will account for 35 percent of that market share, which would that $175 billion of the $500 billion figure, he said.This would mean that $175 billion worth of bitcoin would be traded every day Also, Van-Petersen then implies that bitcoin's market capitalization would be ten times the average daily volume, giving a figure of $1.75 trillion for the market cap.The current figure is around $37.8 billion, according to data from industry website CoinDesk.Bitcoin has a limited supply of 21 million which is expected to be reached by the year 2140.In 10 years, the analyst thinks that there will be 17 million bitcoin in circulation, up from the current 16.3 million figure.

If the potential 17 million of bitcoins in supply is divided by the $1.75 trillion market cap estimate, then each bitcoin would be worth just over $100,000.Not a Scientific Survey.Results may not total 100% due to rounding.Bitcoin 'not a fad' Van-Petersen – who owns bitcoin – emphasizes that this is a rough calculation but that his growth predictions could be "conservative" given that in the year 2013 alone, bitcoin's price grew over 5,000 percent.The analyst said that cryptocurrencies will survive in the long run."This is not a fad, cryptocurrencies are here to stay," Van-Petersen told CNBC in a phone interview."There will emerge two to three main ones.Bitcoin will be one of those.And the reason is the first-mover advantage, the scale and the pioneering."Van-Petersen's views are not the official view of Saxo Bank, the analyst said.Bitcoin's bad reputation The bitcoin industry has had its fair share of problems and reputational damage.The digital currency has often had an image of being used for illegal means such as buying drugs online.

The collapse of Mt.Gox in 2014, once the world's largest bitcoin exchange, is still fresh in the minds of users.Some members of the exchange are still waiting for compensation.More recent issues include some exchanges not allowing people to withdraw their money in fiat currency.On top of this, the view of bitcoin as a currency for criminals is still prevalent after the major WannaCry ransomware cyberattack saw hackers lock peoples' files and ask for bitcoin in exchange to unlock them.Still, Van-Petersen says that the industry is still extremely young and big improvements will come.A few factors will boost bitcoin adoption including better wallets, easier methods to buy the digital currency, use of it for money transfers in areas like remittances, as well as citizens of countries with volatile economies and currencies buying it."Volumes are going up, volatility is going down.A lot of people talk about the volatility, but if you are in Zimbabwe or Venezuela, this volatility is nothing.This is the interesting thing to me.