Bitcoin crosses $12000 mark, now at $13033

Bitcoin crosses $12000 mark, now at $13033

BITCOIN smashed through the US$12,000 (RM48,900) barrier for the first time today, extending the virtual currency's stratospheric rise to new records as it gears up to take its place on mainstream markets.

Bitcoin is up an eye-popping 1,180% year-to-date.

On November 28 the value of one bitcoin was Dollars 9,791 and on December 3, it reached its all-time high of USD 11,828, according to Coindesk, Bitcoin Price Index.

Blankfein became the latest boss of a major bank to criticize bitcoin, after JP Morgan's chief executive Jamie Dimon described it as fraud that would ultimately blow up. Larry Fink, CEO of BlackRock opined that bitcoin is an "index of money laundering".

"This is a toxic concept for investors", said Roach, who has been described by Yale as one of Wall Street's most influential economists.

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Its breath-taking rise has prompted warnings of an increasingly risky speculative bubble and given rise to comparisons to the 17th century Dutch tulip mania and more recently the dotcom bubble.

However, many financial experts and exchanges have adopted the cryptocurrency.

We also await the release of the futures trading in bitcoins from the CME and the CBOE over the next couple of weeks and it remains to be seen what kind of an impact it would have on the market and the prices as such.

Many experts have raised their targets for 2018 after noticing the exponential rise. 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". It would reach $40,000 by the end of 2018. Just one year ago one bitcoin was worth $764.

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