It's climbing so fast it must be getting nosebleeds. I don't get it, why are they so valuable?
My understanding is there is only a finite number in existence at present, so its a captive market, also its an ideal opportunity for money laundering without authorities knowing where the coins are at any given time - no registers.
I do believe this is a bit of a bubble and a bit like the tech stock melt down a number of decades back - but hey this happens in markets you just need to be astute with your wealth
Let’s say Maria wants to send mail to Peter. First she needs to know what Peter’s mailbox address or number is. Let’s say Peter’s mailbox is number 2034. Similarly, if she wants to send Bitcoin to Peter, she needs to know his Bitcoin address, which is a number that uniquely identifies him. This is also sometimes called his wallet address, or public key, which functions similar to your bank account number. It’s a long and complicated number because there are so many Bitcoin post boxes in the world, but thankfully you don’t have to remember it, you can find it on the internet.
So now Maria deposits the Bitcoin in Peter’s mailbox. She can have a peek inside and see the Bitcoin there, in fact anyone who walks by can see that mailbox 2034 is filled with one Bitcoin. This is part of the exciting part of Bitcoin - that everyone can see all the transactions but without anyone having to share their identity. People can see there is one Bitcoin in 2034, but no-one, except for Maria and Peter, will know it belongs to Peter.