According to the Harvard Business Review, "(they are) worth whatever someone will pay for a unit of the online currency, which as I write this is $209, up from $142 last Friday, $44 a month ago, and $4.93 a year ago". Currently I am seeing BitCoins being sold and bought for around $230-275 per coin.
Is it a threat to modern currency? Unlikely at this point in time. Consumers want "stability, not price appreciation". As the BitCoin bubble continues to rise, the practical and actual use of the currency lessens. However, it's attracted a lot of attention from speculators trying to make a quick buck. BitCoins have also been accused by some people as being a threat to modern civilization, as people would use the currency as a means of "tax evasion". Not that tax evasion isn't already a common practice in most western societies. BitCoins aren't going to send an untainted system into a spiral of abuse - we've already done that quite well on our own without BitCoins.
Do I personally believe a percentage of people are using BitCoins as a means of conducting illegal business? Absolutely. However, I believe people are also using BitCoins for legitimate services. BitCoins are relatively new to the public sphere, and the impact it will have on governments and society is still unclear. Governments who openly tried to stop or impede P2P (Peer to Peer) interactions, including BitTorrent have all failed horribly. Trying to stop BitCoins will likely yield the same result.
