The price of Bitcoin continues to rise. But wild speculation behind the coin’s persistent volatility and Bitcoin enthusiasts’ behavior seemingly belie Bitcoin’s stated goal. As a cryptocurrency, Bitcoin was designed to facilitate peer-to-peer online transactions, not stoke the chaotic surges and crashes in value that have become all but synonymous with buying Bitcoin.
Despite a burgeoning crypto finance sector running currency exchanges and exchange-traded funds that track Bitcoin and other cryptocurrencies’ rise and fall, several businesses treat Bitcoin as a means of payment instead of an investment vehicle. Last month, Carolina Panthers offensive tackle Russell Okung negotiated half of his $13 million contract to be paid to him in Bitcoin.
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