Bitcoin Price Soars to Record High Pricing Above $5000
In spite of all the speculations, regulations and several heads of top financial institutions talking against the cryptocurrency wave, it seems there is nothing that is stopping investors from buying Bitcoins. A huge investor participation and turnout is witnessed recently taking the Bitcoin Price to its new all time record high value of $5862, according to cryptocurrency exchange Poloniex.
The previous high record value was registered last month on September 2nd at around $5100. Such a sudden surge in the investor interest is attributed to the upcoming Bitcoin fork and and scheduled split expected in next month of November. This will be the second fork for Bitcoin this year, after Bitcoin was split into Bitcoin Cash and Bitcoin back in August.
The split in august allowed all the invested players to get an equal amount of Bitcoin Cash, however, not all exchanges had openly supported this split and registered the Bitcoin Cash initially.
While commenting on this surge, CEO of Gatecoin exchange, Aurelien Menant said :
“Speculators are bullish on bitcoin’s value with the anticipation of China’s reintegration with global crypto markets.”
The next Bitcoin fork is certainly on the trader’s radar and it is said that like the earlier fork resulted in offering free and equal amount of Bitcoin Cash, this fork will too offer an equal amount of “Bitcoin Gold”. Meant said:
“Competing bitcoin forks, such as Bitcoin Gold are also encouraging more bullish sentiment as traders look forward to receiving more “free money” in November.”
Recently a lot of critics of Bitcoins and other cryptocurrencies had openly expressed their views as why such form are virtual currencies and misleading naive investors and so one should participate in this idea of investing. Important global economies like China and Russia have also been recently seen hitting hard on its local trading bodies and exchanges while putting up a curtain on cryptocurrency trading.
However, there have been other institutions like Goldman Sachs and IMF who are looking forward to participate in the new Blockchain Technology and believe that it can thrive in the future. An economics professor at Harvard University and also the former IMF chief, Kenneth Rogoff has predicted that the Blockchain Technology has a good future going ahead but says that Bitcoin will not be able to sustain its price and will eventually collapse. He said:
“It is folly to think that bitcoin will ever be allowed to supplant central bank-issued money. It is one thing for governments to allow small anonymous transactions with virtual currencies; indeed, this would be desirable. But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely difficult to collect taxes or counter criminal activity.”
It is too difficult to comment anything at this point of time but it would be interesting to see how things unfold in future especially after seeing increasing investor participation in recent times.What do you think about Bitcoin? Comment your views below.
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