Save Austin Fair Yudala banner
Bitcoin breaks $10,000 mark

By News Express on 29/11/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 283


Virtual currency Bitcoin continued its stratospheric rise on Wednesday, breaking through the $10,000 barrier for the first, a record of over 900 per cent gain in 2017.

The rapid rise has sparked fears of an imminent bubble.

The virtual currency hit a high of $10,379 in Asia, according to Bloomberg News, more than 10 times higher than its value at the start of the year.

The breakthrough is the latest in a spectacular run for the online money dubbed “digital gold” by its advocates, which began life in 2009 as a bit of encrypted software supposedly written by an unknown coder with a Japanese-sounding name.

Bitcoin, which was valued at just a few US cents when it was launched, has no legal exchange rate, no central bank backing it and is traded on specialist platforms.

But it quickly gained popularity as an alternative to traditional investments, while it has been used to pay for items from a pint in a London pub to a manicure.

The virtual currency has attracted as much anger as praise, however, with the boss of JP Morgan Chase labelling it a fraud and governments, while China and South Korea have expressed concerns.

It got a major boost last month when exchange giant CME Group announced it would launch a futures marketplace for Bitcoin, which has not been listed on a major bourse before.

The announcement sparked a surge in its value — it has risen 45 percent in the past two weeks alone.

But the spectacular rate of growth, which has seen it increase in value from a 2017 low of $752 in mid-January, has also triggered concerns, and critics note the currency has suffered wild swings in the past.

“This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes,” warned hedge fund manager Mike Novogratz at a cryptocurrency conference Tuesday in New York, according to Bloomberg News.

Other commentators were more positive about Bitcoin, saying its surging popularity will attract cash from traditional investors, such as hedge funds and asset managers.

“I think the momentum is still very much to the upside,” Kay Van-Petersen, macro and crypto strategist with Saxo Bank in Singapore, told AFP.

He said it could still suffer pullbacks, but predicted it would be worth $50,000 to $100,000 in the next six to 18 months.

Transactions happen when heavily encrypted codes are passed across a computer network.

Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and which are maintained by a network of computers.

Hundreds of other digital currencies have been created since its launch, but Bitcoin remains by far the most popular. (AFP/NAN)

Source News Express

Posted 29/11/2017 10:54:12 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
FG hands over Presidential Lodge to Lagos

Military recaptures 10 towns from Boko Haram in...

International music star Jidenna clears the air over...

15 perish as Fulani mercenaries unleash chemical weapons...

NUPENG threatens to stop fuel supply over salary...

Mrs. Constance Ogbonna: The unforgettable life of a...

Senate to Nigerians: Feel free to seek clarifications...

NSE market capitalisation drops to N8 trillion mark...

Ebonyi gov alleges plot to impeach him

Only Ogun workers with BVN to be paid...

WASTED TALENT: Murdered hip hop rising star Damoche...

Delta teachers begin strike despite government warning

 

Latest News Dangote begins construction of job centre in Abia BOI, Unity Bank in court over N150m loan Presidential committee to destroy 5,000 illicit weapons in Zamfara •Over 1,000 destroyed in Benue, Katsina Senate overrules Okpara Varsity VC, orders recall of 400 sacked staff Bankers aid money laundering in Nigeria, says Ribadu Nigeria signs Joint Declaration on Economic Cooperation with European Free Trade Association PDP convention: Reconciliation Committee to address grievances, says Dickson Ijaw youths vow to fish out killers of British aid worker FG’s priority is to create better environment for investments — Udoma Deposition threat, an affront to Ibadan people — Olubadan 15,000 innocent civilians killed under Buhari’s watch — Intersociety •Slams atrocity perpetrators and their agents Lagos seals Chisco, Ifex, GUO, other transporters’ offices

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (300,893 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (285,747 views) Shameless Genevieve Nnaji exposes breasts in public (230,450 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,388 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,433 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (170,053 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,173 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,551 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,572 views) Lagos plane crash: Journalist releases victims’ names (119,030 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,496 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,105 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,819) Business Verdict (28) Columnists (776) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (419) Features (522) Global Business Monitor (193) International (1,687) Interviews (138) Live Commentary (28) Love Matters (92) News (30,972) Opinion (845) Pidgin (9) Politics (4,210) Religion (653) Sports (1,381) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!