Finance

The price of bitcoin has doubled in two weeks, now above $16K

The price of bitcoin has doubled in two weeks, now above $16K

Bitcoin soared above $US19,500 a coin on Coinbase's GDAX exchange on Thursday at about 11:30 a.m. ET, three hours after it blew past $US16,000.

On Coinbase's exchange the price soared past $18,000 at one point. As the digital currency skyrockets, many of us ponder upon what is happening and how it is possible for something that was worth $100 back in 2011, to multiply its value by 170 times for 6 years.

The coins are computer code digitally signed each time they are traded. The excitement of hitting a milestone number combined with a recent SEC decision to allow trading of bitcoin futures contracts in the coming weeks have led to a price spike fueled by frenzy on top of a new kind of legitimizing from the government. "But to think prices are at mania levels where this could suffer a serious crash here... is a bit ridiculous". "Now we need people profiting immensely all around us and making forecasts for $1 million, etc., for it to truly have reached a euphoric peak", Newton said. The addition of bitcoin futures by two respected exchanges marks another step towards establishing the digital currency as a legitimate asset class. Bitcoin has yet to crack the $17,000 barrier, let alone the price Coinbase charged users to buy the cryptocurrency.




Cryptocurrency exchanges, which don't have the industrial infrastructure of traditional exchanges such as the New York Stock Exchange or Nasdaq, are under pressure to handle record trading volumes.

However, many remain critical of bitcoin. "In Venezuela, after observing the rise of bitcoin, the government announced it would launch its own virtual currency called "The Petro" to get around USA sanctions." . Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are "going to be the biggest bubble of our lifetimes".


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