Bitcoin smashes through $10000 to fresh all-time high

30 Noviembre, 2017, 12:14 | Author: Arnold Perez
  • TheMerkle Bitcoin price Over 9000

In a remarkable rally, bitcoin started the year at US$1,000 and smashed through US$5,000 in October.

In a statement posted after a cabinet meeting, Prime Minister Lee Nak-yeon warned on the dangers of virtual currencies.

Now, there's a solid case to be made that - despite the ample risks - buying a small amount of cryptocurrency (whether bitcoin or other types) could be a smart way to use your "fun" money, and a hedge against the possibility that bitcoin could have a lot more room to rise.

The cryptocurrency hit an all-time high on Monday after its price soared to more than 15% over the weekend. Rather than a commodity or currency, bitcoin is like owning stock in a company that will only ever issue 21 million shares and never pay a penny in dividends.

Warning of looming pain for bitcoin buyers, Wilson added: "But for traditionalists, it's hard to fathom".

Bitcoin plunged below US$3,000 in mid-September after the Chinese authorities announced a crackdown.

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On Tuesday morning, one bitcoin cost $10,035 on the CEX online digital currency exchange.

Why is bitcoin's price spiking?

Could "greed factor" be setting investors up for a cryptocurrency fall? Many hedge funds have also made a decision to include it in their portfolios and there are more than 120 funds investment devoted to cryptocurrencies.

JP Morgan chief executive Jamie Dimon said he would fire anyone trading Bitcoin for being "stupid", claiming it would eventually blow up.

However, with the rocketing price increases comes warning from many banks and investors that the bubble could be close to bursting.

"Regulators know the rewards of cryptocurrency and blockchain could be huge but [they] have more than one eye on the catastrophic ramifications if good governance, stability and control are not preserved", said David Futter, who works at a law firm in London.

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