Cryptocurrency craze

Cryptocurrency craze

Digital currency Bitcoin has skyrocketed in value over the last few weeks.

“A Bitcoin could go up or down, you know, $100 in the time it takes to do this interview,” explained Adam Chronister of Liberty Lake, who invested in the crypto giant after seeing that it was accepted by an ice cream store in Sandpoint last summer.

Sounds like an exaggeration, but Chronister was spot on. The value of Bitcoin dipped and recovered by about $100 during our 20 minute conversation. Described as the “wild west value phase,” Bitcoin and other forms of crypto-currency keep their owners guessing – not unlike exchange rates when traveling abroad.

“You may wake up one day, and you get more, you know, more Canadian dollar for your US dollar. Or the next day, it went down and you say ‘Ok I’m not getting as much,’ It’s the same principal,” said Chronister.

Same principal… on a much larger scale.

On December 14, 2016, one Bitcoin was worth about $770 dollars. On Thursday afternoon, the same piece of digital data was worth nearly $17,000 – an annual appreciation of well over 2,100 percent.

Because so few people spend Bitcoin in their day to day lives, it’s a low risk investment for bars and restaurants to accept the digital dollar. While there’s few in Spokane, experts believe you’ll soon see more and more Cryptocurrency friendly establishments, especially in international cities.

“You know Cryptocurrency doesn’t know boundaries, it doesn’t know countries, and it’s easy to transfer,” said investor Marianne Bornhoft.

As a real estate agent, Marianne Bornhoft knows a thing or two about investments, and the Bitcoin craze is making a huge impact on her industry.

“Today I found out there’s someone in England that wants $14 million and you can buy their house only in Bitcoin. There’s someone, you know, in New York that says ‘I’ll sell my house for 20 Bitcoins,” said Bornhoft.

Both Bornhoft and Chronister are invested in newer, cheaper Cryptocurrencies, and advise investors to do their homework before handing over cash.