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November 28, 2017, 02:28:08 PM |
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As the world anticipates Bitcoin to hit the $10,000 mark in the coming days, there is a clear divide between those who call it a bubble and those who see it as the future of money.
The meteoric rise in Bitcoin price over the last year has made many a fortune, but November has seen a new wave of good sentiment towards cryptocurrencies by mainstream financial institutions.
A lot has been made of the possibility of Bitcoin futures being offered on the Chicago Mercantile Exchange by JPMorgan Chase. One of the world’s largest banks coming out with public plans to get in on the action will have others scrambling not to miss the bus - but there are still those who firmly oppose cryptocurrencies.
Ironically, JPMorgan’s CEO Jamie Dimon is one of those naysayers, calling Bitcoin a ‘fraud.’ Even more telling is governmental bans of cryptocurrencies in China and Russia.
On the other hand, renowned investors and analysts have been all for virtual currencies.
Last week, high-profile fund manager Michael Novogratz said that a large number of institutional investors with large sums of capital were gearing up to enter the Bitcoin market.
Sevens days later, Bitcoin strengthened a further $1,000 in value, surpassing $9,000, and currently hovers below the $10,000 milestone.
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