Economy

Bitcoin pops above $15000 for the first time

Bitcoin pops above $15000 for the first time”

Bitcoin climbed as much as 7.9 per cent on Thursday as it surged above US$14,000, extending this month's advance to more than 40 per cent. For many people, the easiest way to acquire these alternative cryptocurrencies is to first buy some bitcoins from a bitcoin exchange, then trade those bitcoins for another currency. As I write this at about 11 AM Central Time the price of bitcoin is $12,619 only slightly down from its recent high. While critics fear there's a bubble in the making, the currency continues to rise in value. Others - mostly those working for said banks - claim that it will crash and burn.

Prices have been boosted after CBOE Global markets said it will launch trading in in the cryptocurrency from December 10 after receiving a green light from the Commodity Futures Trading Commission.

Bitcoin's rapid rise this year has been powered in part by expectations that established fund managers are set to start pouring money into the virtual currency as it gains legitimacy.

"The government doesn't consider cryptocurrencies as money or financial products".

Based on speculation alone, experts suggested value was positively impacted by the news.

For years, bitcoin has been the primary method of paying for illicit goods on the so-called dark web.

This triumph is particularly sweet for long-term bitcoin investors, who have been the subject of derision from JPMorgan CEO Jamie Dimon for years.

That question has become a topic of intense debate for those operating in the financial services industry.

This comes after New York Private Schools and a London Developer moved to accept Bitcoin for fees and deposits, as the decentralised currency moves towards mainstream acceptance.

Yet, as previously noted, others disagree. "This is a unsafe speculative bubble by any shadow or stretch of the imagination". The good thing about Bitcoins however, is that all Bitcoin transaction data is transparent, meaning that is can be seen on a blockchain, no matter how many transactions have taken place. "Like all bubbles, they burst".



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