Bitcoin is on record high $10,000

Follow Us:

Breaking all the previous records, bitcoin is on record high $10,000 (£7,493). Bitcoin has reached the benchmark for the first time, just days after it passed $8,000.

It caps a remarkable rise in value for the crypto-currency, which was trading below $1,000 at the start of the year.

As per some experts, the asset still has far to soar, but others say it represents a speculative bubble with nothing tangible at its core that could burst any time.

The total value of all the Bitcoins in existence has now surpassed $167bn.

It was in late-2013 that Bitcoin first reached $1,000 and then dipped significantly before starting a volatile climb to its current value.

Te reson of this record high price of Bitcoin is not entirely clear, especially because the past few weeks have been marked by action by some financial regulators to limit its use.

But as per the experts one factor that may have helped was the US-based derivatives marketplace operator CME Group’s announcement at the start of the month that it planned to launch a Bitcoin futures product before the end of 2017, which bolstered confidence in its prospects.

The second reason can be the decision to drop a controversial plan known as Segwit2x. This would have changed the way Bitcoin’s underlying technology, the blockchain, worked, to help it handle more transactions.

But the move risked splitting the community. Many experts believe that the rapid rise in value will not be sustained and expect its value to suddenly fall sharply.

It was in 2009 Bitcoins were produced for the first time and took a long time to become an accepted holder of monetary value that could be swapped for real-world cash.

One early transaction involved using 10,000 bitcoins to buy two pizzas. The boom has led to a general rise in many other virtual currencies.

Now there are many trying to get profit from the growing interest in crypto-currencies. Many malware writers are now seeking to install software on vulnerable websites that create or “mine” the coins.

In addition, scammers have sent fake text messages to people’ phones, claiming they own some of the digital currency, in an effort to tempt them into opening a dangerous link.



Subscribe To Our Newsletter

Get updates and learn from the best

Scroll to Top

Hire Us To Spread Your Content

Fill this form and we will call you.