Bitcoin rose 4.5 percent to $8,045.45, which means that the cryptocurrency continues to have a blast and will probably set another milestone pretty soon, announces Bloomberg. Just imagine the scenario in which the coin somehow manages to reach $9,000 by the end of the year!
Can it go even further than this?
The digital currency’s value is up more than 700 percent in 2017 and has seen three slumps of more than 25%, incredible even for what is considered to be the world’s largest cryptocurrency.
“The inflation in this thing is massive. When will it collapse? Who knows. It will cause a lot of pain,” said Luke Hickmore, a senior investment manager at Aberdeen Standard Investments in London. He somehow joins those who think that Bitcoin will eventually turn out to be a big blow for investors.
Still, Bitcoin’s rise had to be noticed by the Wall Street gurus. CME Group Inc., the world’s biggest exchange, will start offering futures trading on Bitcoin next month, while senior executives at Goldman Sachs Group Inc. and Citigroup Inc. have confirmed that they are researching into digital currencies and the blockchain technology that consolidates them.
Bitcoin Cash is on a real popularity spree
Recently, Bitcoin Cash has gained popularity thanks to its lower transaction costs and faster speed, making it advance 2 percent on Monday to trade at $1,194.88 (traded as high as $1, 388 on November 12). The fact that people are starting to question Bitcoin’s design is pushing in alternative cryptocurrencies.
However, Bitcoin now boasts a market value of more than $130 billion, despite this inconvenient. Lukman Otunuga, an analyst at currency brokerage ForexTime Ltd, is a little surprised that Bitcoin bounces back even stronger every time it received a hit, but feels that this isn’t the current issue of what investors should focus on.
He says that the fact that the digital currency could hit $10,000 before year end is what should be on everybody’s lips, because things would never be the same.