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Bitcoin has provoked hysteria before. Over one stretch of 2013, its price surged 85-fold; it crashed the following year after a hack of the exchange Mt. Gox shook the confidence of many early devotees. It wasn’t until 2017, though, that Bitcoin hit a tipping point of mainstream popularity. By November, one of the biggest U.S. Bitcoin exchanges, Coinbase, had signed up some 12 million customers, surpassing the number of accounts at 46-year-old brokerage Charles Schwab (SCHW, +0.00%). Within weeks, Coinbase’s app became the iPhone’s most downloaded. At press time, Bitcoin, once largely an insurgent’s fantasy, was worth some $300 billion in real money.
Bitcoin’s tremendous rise, bulls like the Winklevoss twins point to Metcalfe’s Law, which states that a network’s value increases exponentially with each additional participant. Tyler, along with his brother Cameron, entered the national spotlight after suing Facebook CEO Mark Zuckerberg, their Harvard schoolmate, for allegedly stealing their business plan. In Bitcoin they’ve found a lucrative second act. Having invested a portion of their $65 million Facebook settlement in the cryptocurrency some years ago, the twins are said to have recently become billionaires. “Money is in many ways the ultimate social network,” Tyler says. “It’s a medium of value that connects us all.”
Bitcoin also enjoys the brand recognition shared by innovators that arrive early and dominate fast, like Google in search, Facebook in social networking, and Amazon in e-commerce. “Bitcoin is more contagious than all the other cryptocurrencies because it’s the first mover,” Yale economist Shiller says. “Just like Harvard is considered the most prestigious university because it was the first one” in the U.S.