Bitcoin Climbs To $12000

According to Asia Times, Bitcoin surpassed the $12,000 mark on the morning of December 6. CoinDesk, the industry website reported that the digital currency reached $12,198.57.

The cryptocurrency continues to astonish investors around the globe by exponential rise in 2017. At the beginning of 2017, bitcoin was at $1,000. It reached $5,000 in October and crossed the $11,000 figure in less than two months.

After crossing the $12,000 mark, the total market value of cryptocurrency reached $203 billion. Though many investors and chief executives of tech firms have criticized bitcoin, it continued to grow exponentially.

Jamie Dimon, CEO of JPMorgan Chase considered bitcoin as “fraud” and, called people investing in it as “stupid”. Larry Fink, CEO of BlackRock opined that bitcoin is an “index of money laundering.”

Stephen Roach, Senior Fellow at Yale University, the former Asia Chairman, and Chief Economist at investment bank Morgan Stanley, told CNBC that he was so dubious about investing in bitcoin.

“This is a toxic concept for investors,” Roach told CNBC. “This is a dangerous speculative bubble by any shadow or stretch of the imagination.”

However, many financial experts and exchanges have adopted the cryptocurrency. Major exchanges, such as the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE), outlined that they would introduce futures contracts in their exchanges.

Many experts have raised their targets for 2018 after noticing the exponential rise. Michael Novogratz, Former Fortress Hedge Fund Manager, estimated that that bitcoin’s price would rise at least four time in the coming 13 months. It would reach $40,000 by the end of 2018.

Finance experts and investors are curious to know how bitcoin would actually fare in the coming year.


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