Fidelity bank banner Bayelsa State banner
Bitcoin breaks $10,000 mark

By News Express on 29/11/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 728


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 Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Lagos set to upgrade two roads in Bariga,...

Impeachment plot against Imo Deputy Governor thickens •Okorocha’s...

Today’s weather: Sunny and hazy conditions to prevail,...

Forex: Wholesale market, others get $210m CBN boost...

Rape charge: US-based lawyer to defend Jonathan’s “enemy”...

Subsidy removal exposes insincerity of APC leaders –...

FG won’t stifle press freedom — Minister

Saraki set to address World Press Conference

$25bn oil contract scam: PDP challenges Buhari to...

Fifty killed during Saturday's elections-NHRC declares

BREAKING NEWS: Corruption: Saraki has no case to...

NiMet predicts dust haze, cloudy weather for Sunday...

 

Latest News 19 reported killed as Boko Haram launches deadly attack on Borno village Reps declare Oshiomhole threat to democracy, seek arrest Deadly fumes kill 7 in Anambra APC Governors, power brokers at war over Direct Primaries •South West Gov threatens to defect CSNAC petitions EFCC over multi-million dollars defence contract fraud 2019: Ganduje dares Kwankwaso to launch campaign in Kano UN alerts on attacks during Eid-El-Kabir IPOB threatens uprising over alleged detention of protesting women Senators to APC: Saraki not the cause of your failure BNYL rejects Operation Python Dance 3 in South East PDP condemns demolition of Aiyefele’s studio 700 Nigerians drown in Mediterranean Sea

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (379,076 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,397 views) Shameless Genevieve Nnaji exposes breasts in public (297,185 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,495 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,492 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,569 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,191 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,341 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (160,001 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,859 views) Lagos plane crash: Journalist releases victims’ names (153,150 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,410 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,465) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (642) Global Business Monitor (295) International (2,281) Interview (162) Live Commentary (28) Love Matters (135) News (38,163) Opinion (1,063) Pidgin (11) Politics (6,108) Religion (829) Sports (1,653) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement