The bitcoin value has soared recently and continues to rise as more and more people invest in the currency. NPR's Michel Martin asks business writer Roben Farzad what's behind the sudden skyrocketing value.
MICHEL MARTIN, HOST: So while we're talking about money, you may have heard over the last few weeks bitcoin is hot. As of today, one bitcoin is worth - well, I don't even want to say because, by the time we finish this conversation, it could have changed. But let's just say for now that it's been bouncing between $11,000 and $12,000 all day, which is quite a leap from yesterday or last week or even 2009 when the digital currency was created. We're wondering what all this volatility means - if anything - so we called Roben Farzad. He is a business reporter and the host of Full Disclosure, which covers topics related to business and economics. Roben, thanks so much for joining us.
ROBEN FARZAD, BYLINE: Michel, how are you?
MARTIN: I'm great. Thank you. So as we just said, the bitcoin prices have been changing hour to hour. What do you make of all this?
FARZAD: You know, I'm like so many of those other people on the sidelines on the cheap seats, saying, oh, it's a speculative bubble, it's a speculative bubble and once it breaks - what was it? - $800 last year, breaks 1,000, 2,000, 3,000. At every step in the game even with crashes, it has managed to break $10,000. And increasingly, the cold-eyed observers on Wall Street can't make sense of it. I mean, what does it represent? It's kind of a Rorschach for whatever you want it to be.