Bitcoin on the Brink of $10000

Bitcoin has surged to yet another new record high. The cryptocurrency has jumped to an all-time high of $9683.29.

 According to the largest bitcoin exchange in the U.S., Coinbase, there was addition of about 100,000 accounts between Wednesday and Friday — making it a total of 13.1 million strong user base. The surge is believed to have received a boost from the CME’s announcement that it will list bitcoin futures in December. The commencement of a derivatives product for the digital currency will mark another step in establishing bitcoin as a legitimate asset class.

 In spite of having risen by some 869 percent year-to-date, there are plenty who are pointing out the potential pitfalls of the digital currency and calling it as a price bubble.

 JPMorgan Chase CEO, Jamie Dimon, warned against the bitcoin investment saying those “stupid” enough to buy bitcoin will ultimately “pay the price for it.” He further added that the currency does not have any credibility and there is no way to comprehend the value of currencies that are not backed by a government.

 However, there are others who offer a more moderate assessment for bitcoin and its ascent, one of them being Khaldoon Al Mubarak, the head of Abu Dhabi’s Mubadala Investment Company. He commented that people ought to be open-minded when looking at the digital currency.

 A recent poll among chief financial officers on CNBC’s Global CFO Council revealed that 27.9 percent of 43 respondents feel that bitcoin is “real but in a bubble”. On the other hand, 27.9 percent of the respondents believed that the cryptocurrency was a “fraud.” It was only 14 percent of the executives who believed bitcoin was “real and going higher.”

 Bitcoin’s incredible gains over last few days have helped drive the combined market value for all crypto currencies to yet another at a new high of $285 billion. Bitcoin’s market capitalization now stands at $151 billion.

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