Bitcoin Breaks $10,000 and Continues Price Surge
During the last couple of days, members of the digital currency community have been actively waiting Bitcoin to break the $10,000 milestone. Well, it happened. However, it also exceeded the expectations of many people, considering the fact that the price continued to increase well-beyond the 10,000 mark, hitting values as high as $10,898 on Wednesday.
This price is more than a 10% jump when compared to the coin’s value 24 hours ago, when it was trading at approximately $9,835. Therefore, at this moment in time, the market capitalization of the coin is of approximately $200 billion. Because of this, analysts believe that the value could increase even further in case it manages to attract a percentage of the $200 trillion that is available in financial market assets.
The massive increase in price during the last few weeks can be attributed to a good number of reasons. Firstly, institutional capital is closer than ever, as the CME Group is preparing to launch bitcoin futures trading in the second week of December. Additionally, the price surge has also attracted the attention of investors throughout the world, many of whom have decided to store part of their wealth in the digital currency.
Despite the price surge, chiefs of financial institutions and some government representative are still pointing fingers at the cryptocurrency, and issuing statements on bitcoin being a bubble, or that its value isn’t based on anything. For instance, not long ago, the CEO of JPMorgan has referred to the coin as a fraud, whereas others have stated that it is nothing but an index of money laundering.
Additionally, not long ago, an executive at the Bank of England has mentioned that at this time, bitcoin remains too small to pose any significant risk to the global economy. Well, many believe that the digital currency isn’t a risk, but rather a catalyst for a positive financial revolution.
As the value of bitcoin continues to increase, financial institutions and governments are considering their response very carefully. Because of this, numerous countries are considering adopting a more positive approach, whereas some are even considering encouraging its growth, and turning certain regions into digital currency hubs.
Based on everything that has been outlined so far, this is a wonderful moment for cryptocurrency enthusiasts throughout the world. Few years ago, a person purchased two pizzas for 10,000 bitcoin. Now, 1 bitcoin equals over $10,000.