Keith Ellison’s first hint that bitcoin was poised for a breakthrough was over the summer when a friend planning her nuptials sent an unusual text.
“She wanted to know whether to accept the wedding band’s offer of a discount in exchange for bitcoin,” said Ellison, a Manhattan Beach investment analyst, who advised the friend to decline.
Given the way bitcoin’s value was rising, there was no guarantee the friend would be able to afford the band when the bill eventually arrived.
“A lot of people are getting caught up in the mania,” said Ellison, who bought one-third of a bitcoin in July for about $1,000 and has seen it appreciate more than five-fold. “Even random wedding...