I'm not going to pretend to be a Bitcoin expert. We have other people at Business Insider with better insights into Bitcoing like Joe Weisenthal ("Bitcoin Is A Joke") and Henry Blodget ("Bitcoin Could Go To $1 Million").

From the perspective of someone just watching it from afar, all I can say is that what's happening is crazy. At the start of today, it was at $590. As of this writing it's above $700. Fad, bubble, the future of money, whatever you want to call it, that's a crazy jump in one day for anyone that's trading it.

A year ago, Bitcoin was trading for ~$12, which would have been a great investment. But, even better would have been to buy in 2010, when Bitcoin was at $0.29. It's up 1,500 in the last three years. Put differently, if you had purchased $1,000 worth of Bitcoin in 2010, you'd have $2.4 million worth of Bitcoin today.