Bitcoin value charges through US$14000

Mae Love
December 7, 2017

"Bitcoin continues to have a strong bid during Asia trading as emerging market currencies are being sold to buy, pushing us above another milestone", Spallanzani said in a Twitter direct message soon after bitcoin broke $12,000.

Bitcoin is one of many cryptocurrencies, virtual "coins" that are "mined" by computers using complex algorithms.

Advocates of the technology believe it is the future of finance due to its embrace of the internet and decentralised circumvention of banks.

Once launched, Bitcoin futures contracts would allow investors and traders to trade the cryptocurrency at a certain market value, something that would hedge against any risks that the digital currency may suddenly plunge in value.

As of this writing, Bitcoin is now trading at $13,128, a gain of over 13% in less than 24 hours.

However, many financial experts and exchanges have adopted the cryptocurrency.

Based on speculation alone, experts suggested value was positively impacted by the news.

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Bitcoin began 2017 at less than $1,000 per token, but it has been on an absolute tear in recent months: It crossed $5,000 in October and touched above $11,000 for the first time less than two months later, according to CoinDesk data.

Could it be a bubble?

This triumph is particularly sweet for long-term bitcoin investors, who have been the subject of derision from JPMorgan CEO Jamie Dimon for years. How long it can ride the wave of good fortune, remains another matter altogether.

Over the past year, the currency's popularity has been buoyed by a larger phenomenon of initial coin offerings-sales of cryptocurrencies that compete with bitcoins.

Yet, as previously noted, others disagree.

"This is a toxic concept for investors", Roach told CNBC. I've never seen a chart of a security where the price really has a vertical pattern to it.

Panos analysis is important and has its value too, but it must be noted that Bitcoin's underlying technology is Blockchain, and the same protocol can be used to create more cryptocurrencies as well. "Like all bubbles, they burst".

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