In a few short months, Bitcoin has gone from novelty to full-blown mania. In the last month alone, the virtual currency blew through the $400 and $700 mark and charmed Washington DC. Now, it has risen over 6 percent in the last week and cracked $1,000 on a popular exchange. This tweet sums up the price:

BTC Prices: 1BTC = $1 Feb 2011 1BTC = $10 Jun 2011 1BTC = $100 Apr 2013 1BTC = $1000 Nov 2013 (via @coindesk)

— Adam Nash (@adamnash) November 27, 2013

The $1,000 hype has led to a spirited discussion on sites like Hacker News where some people suggest the price is heading ever upwards:

All else being equal, the more people who decide to use or hold Bitcoin, the higher its price will be, because the maximum number of bitcoins that can ever exist is permanently fixed. It’s a scarce commodity…