The famous cryptocurrency Bitcoin has reached an all time high of $9,671.84 on Monday after touching the $9,400 mark on Sunday going up to 3.27 percent on the day. It is to be noted that Bitcoin has been making news for the past few months and its value has been surging quickly. The best part is that the currency has seen a surge of 869 percent year-to-date which is looked upon as a huge victory by crypto enthusiats.
Bitcoin was launched in the year 2008 by an individual or group of unidentified developers. Though it had a sluggish start, it seems to have caught the attention of many all over the world and it is soon touted to gain a substantial position in the trading arena. The cryptocurrency had reached $8000 mark just weeks back which were looked upon a huge development. However, the digital currency created a new record on Monday in the Thanksgiving weekend by reaching $9,671.84. CEO of BKCM Brian Kelly says, “The move appears to be retail driven.”
Bitcoin is slowly gaining a strong base in many countries around the world. Popular South Korean bank Shinhan recently announced cryptocurrency custody service and world’s most popular futures exchange CME Group announced that it would start Bitcoin Futures in December second week. Bitcoin has been seeing a lot of development in the past month but it needs to be understood whether they are actual and real.
However, there are some opposing views to the rise as well. Some financial analysts feel that it is simply a price bubble and that it would break anytime. In October, Jamie Dimon the CEO of JP Morgan Chase cautioned those who are looking to invest in Bitcoin. He said that it is stupid to invest on Bitcoin and that people have to pay for it when the bubble breaks.