Bitcoin is on the rise.
For everyone still cursing the day they neglected to invest in Bitcoin when they had the chance, here's a little extra salt for those old wounds. According to a report from CNN, the virtual currency recently leaped above $9,000 on Sunday, marking a new record height - at least until this morning, where it was allegedly trading above $9,500 in Asia. Not only that, but Bitcoin has been consistently killing it all year, with a massive surge of 860% since January of 2017. Despite some initial skepticism, some of the experts in the field attribute the latest gains to an increased expectation that large professional players will begin investing their money into the cyrptocurrency.
Thomas Glucksmann, head of marketing at Hong Kong bitcoin exchange Gatecoin, claims that any contributions from the major funds "would make a dramatic impact on the bitcoin market." This increased speculation happens to come at a time when Bitcoin is gaining more legitimacy in the industry, and Glucksmann elaborates on the ideal future role of Bitcoin in relation to the market; ideally, major investors would feel comfortable dealing in Bitcoin, which may very well happen if the the value raises above $10,000. Luckily for those interested in investing in the cryptocurrency, that goal seems more than obtainable.
Beginning next month, investors will be able to "trade bitcoin futures via the Chicago Mercantile Exchange," which will go a long way in giving the currency some credibility among investors. Speaking of which, some investors like Shane Chanel of ASR Wealth Advisers predict that Bitcoin will soon hit the $12,000 mark, potential as soon as in six months. His reasoning is a little on the cynical side ("Greed will continue to drive the price over the short term") but his assessment is correct, it could spell big things for the future. For more on this development, peep the original CNN story right here.