Bitcoin Price Crosses $12000, Experts Believe It Is Due To CBOE And JP Morgan

by | Dec 6, 2017 | Bitcoin, Latest Posts | 0 comments

Bitcoin Price Crosses $12000, Sets A New All-Time High

The meteoric price hike of Bitcoin is experiencing an absolute bull run triggered by the ever-increasing interest of institutional investors. This helped Bitcoin in reaching a record high figure of $11829 on Tuesday morning at 8 a.m. GMT (3 a.m. ET). There were several factors which collaborated to propel the success story of Bitcoin. Announcements made by Chicago based exchanges CME and CBOE to come ahead with bitcoin futures exchange was one such factor which caused the Bitcoin price to boomerang. Chicago-based derivatives and options exchange CBOE Global Markets, revealed on Monday that it will start Bitcoin futures trading on this Sunday, 10 December 2017 at 5pm ET.

Bitcoin price crossed $12,000 and created a new all time high at $12,497 on Poloniex. At the time of publishing this article Bitcoin price was $12,717 with a market cap of $212,677,531,290

Jamie Dimon, the CEO of JPMorgan Chase had shocked bitcoin enthusiasts when he referred Bitcoin to be a fraud and bubble. He even said that Bitcoins are “worse than tulip bulbs” in September referring to the speculative bubble which plagued Netherlands during the 17th century and even called Bitcoin buyers as “Stupid”.

However with time, the negative notion of his fellow JPMorgan associates seems to be changing. A note was issued by a strategist working at JPMorgan last week stating that futures contracts had, “the potential to elevate cryptocurrencies to an emerging asset class. The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment. Simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here.” This note was prepared by analyst Nikolaos Panigirtzoglou along with his team.

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