New all-time high: Bitcoin reaching $13000 price level

Mae Love
December 7, 2017

As of Wednesday morning, Bitcoin is now priced around $12,900 on Coinbase.com, a cryptocurrency trading platform.

The digital currency Bitcoin has continued to soar in price as a result of increased attention and investors as it's value rises above $14,000. It reached $5,000 in October and crossed the $11,000 figure in less than two months.

Their data also reveal that the total value of all cryptocurrencies is now nearing $400 billion, up from just under $10 billion at the start of 2017.

Many investors admit to not understanding the technicalities of the instrument or the blockchain technology that underpins its existence, hoping instead to profit on the expectation that bitcoin as an investment will simply continue to rise. Larry Fink, CEO of BlackRock opined that bitcoin is an "index of money laundering".

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"This is a risky speculative bubble by any shadow or stretch of the imagination", he told CNBC's "The Rundown".

He had a critical take on the explosion of buying the world's most popular cryptocurrency.

"This is a toxic concept for investors", Roach told CNBC. Major exchanges, such as the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE), outlined that they would introduce futures contracts in their exchanges.

Wall Street strategist Tom Lee has said that Bitcoin is the "digital gold" for millennials, predicting the digital currency could eventually reach the price of an astounding $100,000.

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