Bitcoin, the virtual currency has just seen constant success. On Sunday Bitcoin rose above $9000, then on Monday it went above $9500 and as per expectations, it will soon reach $10000.
A week ago this cryptocurrency rocketed above $8000 and now it has gone above $9500. Since the year started the price of Bitcoin has increased by 860%.
There was skepticism related to Bitcoin’s rise by some leading finance executives and as per experts, the current gain of Bitcoin has surpassed expectations.
Head of marketing at Hong Kong bitcoin exchange Gatecoin Thomas Glucksmann, said that a limited portion of cash managed by major funds “would make a dramatic impact on the bitcoin market.”
In few parts of the financial industry, Bitcoin has been getting more and more legitimacy. From the start of next month, investors can trade bitcoin futures through the Chicago Mercantile Exchange. It will improve the repute of Bitcoin among the mainstream investors.
Glucksmann said, Due to the backing by a major exchange, institutional investors are encouraged “to dip their toes into the bitcoin market.” He further expects that more professional investors will invest in Bitcoin if the money reaches $10,000 mark.
The way Bitcoin is breaking all records and surging up, breaking all expectations, it is clear that soon it will reach the $10,000 mark.
Bitcoin is the leading top most digital currency in the world. It is recognized globally despite being banned in some countries like Pakistan.
The value of one bitcoin has reached $9773. For a common man, it is easier to obtain Bitcoin today with its ATMs and ever-increasing awareness. Bitcoin major benefit is its network effect and proven security.
Media coordinator and junior editor at Research Snipers RS-NEWS, I studied mass communication and interested technology business, I have 3 years experience in the media industry.