The recent growth of Bitcoin and the closeness to the $10k mark has sparked a lot of conversations around the globe. According to an analyst in the prominent social trading platform eToro, Bitcoin could become a safe haven for the investment professionals if the traditional monetary system collapses.
As Mikhail Mashchenko said in an interview with Russia Today:
“The demand for bitcoin is growing as the crypto market has become less volatile. This made an increasing number of professional investors see it as a form of insurance.”
In times when the digital currency market is experiencing record highs, bitcoin is without touching distance of $10k and was at a record high of $9,771 earlier yesterday. As a result of this, the combined market value has reached $300 billion which has made Bitcoin more valuable than VISA, one of the world’s most popular credit card brands.
Next month, there are plans to launch bitcoin futures contracts by the Chicago Mercantile Exchange Group (CME) which is something that is pending proper regulatory approval. The Wall Street bank JPMorgan Chase is also considering helping its clients bet on the price of digital currencies with its own bitcoin futures – even though its CEO criticized bitcoin in the past.
According to Mashchenko:
“Bitcoin is closer to the $10k level. However, such a surge will be based on emotions, not on fundamental factors. So, further growth of the cryptocurrency will require something more than euphoria.”
What matters at this point is that Bitcoin has become the world’s 30th largest currency and one that has a potential to reach $14,000 in 2018 according to some experts. A lot of opportunities are no the table, and the best indicator for that is the rise of 870% in 2017 so far.
What do you think about Bitcoin’s future? Let us know in the comments!
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