Still, plenty of people are willing to bet Bitcoin will just keep on rising. They may be right. But if volatility goes up too, that won't help its take-up in the real world.
The changes being made to Bitcoin are meant to speed up transaction processing times, which are acting as a deterrent to the currency's wider adoption, though they haven't been implemented yet. While Spoofy and his or her chums might be having fun, that's not so reassuring for those wanting something more solid.
This Bloomberg column does not necessarily reflect the opinion of Bloomberg LP and its owners.