Bitcoin and cryptocurrencies are very new, they first came into being only a few years ago and in the beginning prices of Bitcoins; the premier cryptocurrency was as low as $1. It’s hard to believe that was only six years ago. But cryptocurrencies are here to stay even though the debate over their legality rages on across the globe.
For the first time Bitcoin price (BTC/USD) has crossed the $6000 and just a day after achieving this, it ended up at an all time high price of $6147.07. This data was released by CoinDesk the primary source of most cryptocurrency related news.
Experts are attributing this rise in price to the much publicized fork in Bitcoin known as Bitcoin Gold. Anyone holding Bitcoin when the new currency is created will Bitcoin gold so basically they will be getting money for free just because they happen to have some Bitcoins in their wallet.
Though some Bitcoin enthusiasts are worried about the split because they believe it might bring the value of Bitcoin down, others like Alex Sunnarborg, of Tetras Capital; a cryptocurrency fund is more bullish. He told CNBC that investors are more or less positive that Bitcoin will hold it’s own despite the fork. In August another fork called Bitcoin Cash was created but that didn’t bring down Bitcoin’s performance.
Despite dire warnings and negative criticism by people like JP Morgan Chase’s CEO Jamie Dimon and Russian President Vladimir Putin, Bitcoins and cryptocurrency as a whole are doing rather well. And now there are rumors circulating that China might reverse its cryptocurrency ban. Japan allowing Bitcoin as a legal payment option has also helped its status.