Some people can swear by it; some people do not simply understand it. But the value of the cryptocurrency, Bitcoin, is steadily rising. Today, it broke the $7,000 for the very first time. This means that one Bitcoin is equivalent to $7000
On some exchanges, it surged to a high of $7,200 having a total market cap of over $120 billion
Investopedia opines that several factors have fueled Bitcoin’s velocity in its most recent record.
“For starters, growing awareness about the cryptocurrency has led to increased uptake. CME’s recent announcement that it would begin trading Bitcoin futures can be construed as legitimization of Bitcoin within mainstream markets.” CME is the world’s largest Futures exchange. “Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract,” Terry Duffy, CME Group chairman and CEO, said in a statement.
Amazon is also reported to have registered three cryptocurrency-related domain names and is rumored to soon begin accepting cryptocurrencies on its platform.
Media spotlight has also helped. Several prominent leaders in the financial services industry, such as JPMorgan Chase Inc.’s Jamie Dimon and legendary investor Warren Buffett, and governments around the world are beginning to take a second look at Bitcoin’s prospects and technology.
Finally, hard forks and the emergence of new cryptocurrencies are expected to speed up transaction times and help the network mature.
Source: Investopedia
