Bitcoin breaks the $11,000 price mark.
Bitcoin Breaks the $10,000 Price Mark!
When Bitcoin first entered the market in January 2009 the first cryptocurrency was trading at just 6 cents. At the beginning of 2017 it broke the $1000 mark and we reported back in October that it was in sites of $5000. That means that in less than 2 months the price has had more than a 200% increase!
Over the last 8 years it has continued to rise. With more businesses adapting the currency as it becomes more mainstream. Although many finance experts are now assured that it is here to stay. In the beginning many were quick to call it a scam and were sure that it would fail. Howard Marks from the firm, Oaktree Capitol was originally very sceptical of the cryptocurrency. However he has admitted that he was wrong. He has been quoted as saying:
“I had been thinking about digital currencies like Bitcoin as investing sardines, and that may have been a mistake.”
Tim Draper predicted the price rise back in 2014
In an interview with Fox Businesses in 2014, billionaire investor Tim Draper predicted the bitcoin price to surpass $10,000 in three years. At the time of writing this article Bitcoin is at $11,304.17 USD, the rate shown on Coinmarketcap.com. Former Fortress hedge fund manager Michael Novogratz predicted on CNBC’s “Fast Money” in October that the cryptocurrency would reach $10,000 in the next six to 10 months. As the price rose above $9,700 Monday, Novogratz said in another “Fast Money” segment that bitcoin could “easily” be at $40,000 at the end of 2018. However, other market watchers remain highly critical of the original cryptocurrency. JPMorgan Chase CEO Jamie Dimon has called the digital currency a “fraud”. BlackRock CEO Larry Fink has said bitcoin is an “index of money laundering.” Aswath Damodaran, a professor of corporate finance and valuation at New York University’s Stern School of Business, has also noted that unless bitcoin can be used for ordinary transactions, that it could just be a fraud.
As the cryptocurrency continues to rise, it becomes more apparent that this is not just a bubble. Bitcoin is here to stay and is paving the way for new cryptocurrency’s to enter the market.