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The value of Bitcoin has grown exponentially in the past few weeks. Chart via
Photo via Flickr user btckeychain.
Photo via Flickr user btckeychain.

The popularity of Bitcoin just keeps on growing, as the digital currency today surpassed $1,000 in value for the first time ever on the Mt. Gox Exchange.

It reached a high of $1,044 just a few minutes ago, and has dropped back down to $1,017 as we speak.

The growth of Bitcoin in the past few weeks is astonishing. It was at $200 in late October and its value hit $500 for the first time on Nov. 17. Then, it shot up to $900 the following day before quickly dropping to $650.

The rise in value is likely due to rising Bitcoin popularity in China and the U.S. government discussing the legitimacy of the digital currency.

For those who have yet to hear of Bitcoin, it’s the emerging decentralized, virtual currency gaining popularity lately in light of the FBI shutting down Silk Road, the online marketplace for illegal drugs and illicit services. Bitcoins exist only online, can be transferred right away and are not controlled by a central authority like the Federal Reserve.

If you want to do a little Bitcoin spending this week, there’s a new site that just popped up called Bitcoin Black Friday that shows retailers that both are offering up good deals and accept Bitcoin payments.

Previously on GeekWire: World’s first Bitcoin ATM exceeds $1M in transaction volume within one month

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