Interested in cryptocurrency? If so, you’re going to want to hear this: on Sunday, the price of Bitcoin rose above the $9,000 level for the first time in its nine-year history. The increase comes amid fears over an asset bubble.
By 3:51 AM ET, Bitcoin was sitting at $8,955.00 on the U.S.-based Bitfinex exchange, after increasing as high as $9,058.30 earlier.
Bitcoin, which is known for sharp swings, has increased more than 700% in volatile trade in 2017. At current prices, the digital currency has a total market cap of roughly $150 billion.
The currency was able to rise above the $9,000 level on Sunday, primarily because of growing signs of mainstream adoption as well as potential futures markets.
However, it has been Bitcoin’s rapid pace of growth that has fueled fears over an asset bubble. JPMorgan Chase CEO Jamie Dimon has called the currency a “fraud” and UBS wrote to investors that it is a “speculative bubble.”
That said, for the most part, the financial industry is starting to warm up to the idea of bitcoin. In fact, the largest derivative exchange operator in the world, CME, has plans to list bitcoin futures in the second week of December.
What do you think about the digital currency? Do you think it is here to stay, or will it fizzle out in the coming months?
Featured Image: depositphotos/spaxiax
