If just one day ago we were wondering when Bitcoin will break a new record, it looks like it already happened. The decentralized peer-to-peer payment system managed to break the $10,000 mark on Bithumb, one of the world’s biggest exchanges for cryptocurrencies, based in South Korea.
The new price also means that the coin multiplied its value 10 times in 2017, which is more than just impressive. However, it’s still not considered an asset by most banks, which can be a bit frustrating for a lot of investors and miners.
The total value could go even higher than this!
According to the Price Waterhouse Cooper rating of the 100 largest companies in the world, the entire turnover of all Bitcoins available right now is worth more than Citigroup. Or even the economy of Qatar!
The good news is that a few countries and organizations are looking forward to officially recognizing it, while the Chicago Mercantile Exchange is interested in listing futures in the cryptocurrency.
On the other side, the legal acceptance of virtual money, whether it’s Bitcoin or something else, can limit its growth, according to Sergey Kostenko, investment analyst at Global FX, cited by RT.
“This could lead to an outflow of funds to the futures market, which may cause a drop in its exchange value in the spot market. The sooner this happens, the sooner we see a turn in bitcoin price,” he said.
Is this a future proof investment?
However, right now, the future of Bitcoin is still considered by many influential people as shady, comparing the coin with a bubble that will burst sooner or later.
“The reasons for the price fluctuations are unclear and are not based on real support, as, for example, in shares of companies or economies, or currencies. Unlike bitcoin, price changes there are supported by an analysis of factors of a fundamental or technical nature, not by subjective opinion of players in the market,” Kostenko added.
November was definitely a very important month for Bitcoin price, as just two weeks ago, the price dropped by 30 percent, reaching $5,500. But, in the mean time, it managed to write history and reached $10,000.