Bitcoin blasts past $7000 to reach another record high in 2017

03 November, 2017, 01:10 | Author: Gladys Mathis
  • Bitcoin Surges as CME Plans to Introduce Bitcoin Futures

Bitcoin surpassed the $7,000 mark on Thursday for the first time, reaching an all-time high of $7,355.35 at around 7:16 a.m. ET.

Cryptocurrency bitcoin has been experiencing one tremendous rally this year.

Despite the gains this year and so many loving the cryptocurrency, bitcoin also has some spectics, including JPMorgan CEO Jamie Dimon and Larry Fink, the CEO of Blackrock. The futures, whose launch is subject to regulatory approval, will be based on the CME reference rate.

The derivatives exchange CME Group plans to begin offering bitcoin futures contracts by the end of 2017, a move that will put the cryptocurrency on an equal footing with other commodities such as gold and oil.

The value of digital currency Bitcoin has increased sevenfold since the beginning of the year.

The bitcoin has seen several increments in the price with every favorable regulation announced.

The favorable regulators have some credit roots in Japan, where the use of cryptocurrency as payment has become a practice over past couple of months.

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Yet despite the negative implications, the downs in the price are usually ignored by the investors.

Still, analysts have remarked that the increase comes at a time when bitcoin has never been more visible in the public eye, with business leaders and investment luminaries now discussing bitcoin on an nearly daily basis.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge.

Legendary stock investor and billionaire Warren Buffett recently said that digital currency is in bubble territory, a concern shared by Saudi billionaire Prince Alwaleed and Kenneth Rogoff, professor of economics and public policy at Harvard University. The total value of Bitcoin is now estimated at just under $110 billion.

Another reason that could explain the market's overwhelming appetite for Bitcoin could be the upcoming update for the software that supports the trading operations for the cryptocurrency.

It is evident that there is a growing demand for the world's leading cryptocurrency.

According to a poll conducted by the CNBC broadcaster, almost half of some 23,000 people think that Bitcoin will surpass the price of $10,000 per coin.

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