What’s driving Bitcoin’s big boom?

ABC News' Rebecca Jarvis looks at the skyrocketing price of the digital currency and what’s driving the latest spike.
7:03 | 01/12/21

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Transcript for What’s driving Bitcoin’s big boom?
For many Vick calling this. People of her about the date don't quite understand for others it's helped make them millionaire script don't currency prices surged last week during the storming of the capital but today. If plummeting it is a volatile market that is rapidly growing and has Rebecca Jarvis explained some consider it. Digital gold. Calling it a record high over the weekend. The hots at assets that we have been watching this year they clamped of course has been near the top the list. What unit of that currency is currently worth almost 33000. US dollars. Bitcoin it's been digital currency you've probably heard something about it is point those stories about early investors striking it rich hitting all. Those guys from the social network the waigel boss twins. This idea is tasked with millions of doll unions they eleven million dollars in Tibet point back in 2013. Now they're billion. Twitter co-founder and CEO Jack Dorsey has been a big point advocate from the start. Billionaire philanthropist Bill Gates got one hasn't birthday present. Somebody gave me some for my birthday. Kind of. Then a few years later I thought hey I'm an assault that even rapper meg in these stallion recently did a big going to give away. Yeah but what exactly is that. Really grueling is the world's most popular crypto currency it's a digital currency than you could use like cash but unlike other currencies it isn't backed by any government and you don't keep that in a bay Gordon here reading your body hidden it exists only online. You can use it to get a hotel room on Expedia buy furniture on over stocks but. That's not actually how most people are using it abundantly to store their welfare Mike no regrets is of billionaire former hedge fund manager and philanthropist. So was born out of the dish trust says it originally. Fuel people a little while the grids computer hackers. And what we seen is that has morphed into this vibrant ecosystem. Where institutions started coming in more and more. First discovered bitcoin seven years ago. Now he's one of the biggest crypt do investors in the world through his financial services firm galaxy digital. What do you do and or average person we all want to edit high in the picture could be very. I think you know. Three or 4% your work should be. An. Well Yemeni cities or entities cities' and it's certainly more risky but if you have some savings. Even a small amount you we'll help win big. According began a little over a decade ago you could buy one for less than a penny. Today it's worth more than 30000. Dollars bitcoin bin. Corn bitcoin decrepit currently the Y price swings feeding skeptics in the crypt don't die heart delight. There's a lot of instability in the world you know to over 20%. Of all US dollars in circulation. I've been printed in the last year. You know we used to coping quite a bubble. But the taller and Fiat currencies are looking. A lot and a lot more like a bubble these days you even more bullish on today and anywhere we. Yeah we'll get adoption of it today I just don't think there. All right not doubters. Ever meet valueless. We met Jeremy Gardiner packing 2017 in San Francisco that is read this as a crypto castle. Think of it as a dorm room meets think tank interests saying led by Jeremy. Jeremy calls himself a venture capitalist and crypto currency evangelist are you a millionaire this meant tanto. You are your bit cool and it goes to zero. What happens. While that then you don't have any maybe the reason why I actually don't believe that anymore. Is that there are so many people in the world believe so deeply into. There are always going to be people to buy more. So let's along Izzard sellers there will always be buyers. In addition to betting on the currency itself many are also betting on the underlying technology that makes bitcoin work. Transaction is recorded in a public digital ledger and called the block change. La scene is essentially the fundamental technology that gate price point industry nights at that. Coined the term web three point. They Morrissey cure away. And not only the process and by Handel ran out and reach and that's currently used in. Chris McFarlin is the founder and CEO of patient Torre health care company that relies on the underlying technology of the block chain to exist we use the technology tube. I'm basically create a streamlined data accessed. I'm for our private health information. And to unlock two individuals so they can start to burn their house. Showing the same way that the supply chain allows people's you owned equally. It also allows people you own air hell and her patient. I would seek three or four years there's been an increase and the number of ransom where outs. On health care you know systems which most people don't realize you know can shut entire hospital. So technology is in over. And you may Abbott safeguard and that in each. It's a far cry from its not so distant dark past. It point once the preferred currency to buy drugs and other illicit items on black market site silk road which was eventually shut down by the FBI. Today with more widespread adoption the bigger question is the hype. Overblown. What is stated here that is it. Well. There's a bubble and everything there's a bubbling Tesla Sloc there's a bulletin. You know pellets on what's unique about it internal orbit. People want to hire him there they know we don't. It's the only money intercede without us iris house Democrats arguing that a fine amount of bitcoin could make it the new digital goal. Right now we're about 5% of bowler 4% Google. Why can we be 10% goal in twenty years ago. For it to become role because we go to 600000. It sounded like she sees two years ago and I actually think we'll get there are three or four years. But it the last 48 hours are any guide. Prepared for roller coaster ride to reach those lofty heights. For ABC news live I'm Rebecca Jarvis. To bid calling or not has been calling that's the question answered back.

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