According to average exchange data from Coinmarketcap, Bitcoin price stormed crossed the $13,000 mark at the press time, marking a remarkable week of strong gains that were only slightly blighted by a knee-jerk sell-off following the UK’s announcement of stricter regulation of Bitcoin exchanges. Bitcoin’s strong resurgence from that temporary blip has been attributed to the announcement by the CBOE that it would list Bitcoin futures for trading on the exchange eight days before the scheduled listing of Bitcoin futures by the CME Group.
Early Wednesday morning, Bitcoin had hit as high as $12,000 before pulling back slightly to just above $12,500. The strong uptrend from Bitcoin has continued to defy some conservative analysts who have likened what is happening to Bitcoin to the dot com bubble of the late 90s. The crypto asset continues to blow through milestones like an athlete on steroids.
With Bitcoin having risen to nearly four times the price it attained when the Chinese authorities threw a sucker punch in September 2017, the question that now dominates the market is: how far can Bitcoin go?
There are those who have pointed to the gradual entrance of institutional investors into the cryptocurrency market as a positive trigger for continued uptrends in this crypto asset. Furthermore, the listing by well-known exchanges with long-term historical roots is seen as a move which has conferred legitimacy on this controversial asset. But there are also sceptics, led by JPMorgan Chase Chief Jamie Damon, who believe that Bitcoin is a disaster waiting to happen. Joining the list of pessimists is Nobel Laureate Joseph Stiglitz, who believes that Bitcoin and other cryptocurrencies “should be outlawed”. Stiglitz, who was awarded the Nobel Prize in Economic Sciences in 2001, was quoted as saying in a Bloomberg TV interview:
“Bitcoin is successful only because of its potential for circumvention, lack of oversight, so it seems to me it ought to be outlawed,” Stiglitz said. “It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down,” he further opined. Warren Buffett and Carl Icahn are other seasoned investors who seem certain a bubble is in the offing.
Most mom and pop investors in the market don’t seem bothered by the “doom and gloom” comments. Billionaire hedge fund legend Mike Novogratz believes that Bitcoin price will hit $40,000 milestones by December 2018. It seems, one of the most optimistic price calls yet.
Note: According to the Bitcoin.com, it stood at $12,679.27 as at the time of filing this report on date December 6th, 2017.