The price of bitcoin is surging on the back of increasing investor interest, with the value of one coin passing US$19,000 last week.
This is a massive increase, which makes Bitcoin now more valuable than gold. At the beginning of the year, one bitcoin was worth less than US$1,000, but is now projected to soar well beyond even this new high.
Bitcoin is renowned for peaks and troughs, but this is an unprecedented period of sustained growth that is attracting major institutional investors. More than 100 hedge funds have begun betting on the cryptocurrency, while Cameron Winklevoss, one of the largest holders of bitcoin globally, thinks this year’s gains are just the start and the price will rise by as much as 20-fold as more investors enter the market seeing the cryptocurrency as an upgrade to gold.
Meanwhile, the first ever bitcoin future was recently released. The virtual currency made its debut on the Chicago Board Options Exchange over the weekend, and surged more than US$3,000 to US$18,010 within four hours. It seems all sorts of bitcoin trading is becoming more popular as the value grows.
What is behind this huge growth in value is difficult to pin down, but there are a Click here to read entire article