Another morning, another bitcoin record. Another big rally from bitcoin put the value of the cryptocurrency above $12,000 — a record high, even in a backdrop of investors and experts wondering if bitcoin can possibly live up to these values — or if the bubble is just getting dangerously large at this point.
Bitcoin jumped Friday after an announcement via the main U.S. derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts. That is good news for bitcoin, as it indicated additional mainstream acceptance — and because the futures contracts will make it easier to trade the new asset class. However, it will also mean that bitcoin will be facing more government regulation — and that it will now be open to something it has never had to deal with before: short investors.
And bitcoin, despite its tenfold-plus increase from its $1,000 price point at the beginning of 2017, still has some very vocal detractors.
Read more here...I think that the main reason why Bitcoin has some detractors is the fact that it has grown too fast and has gain a good measure of popularity that other currencies have not enjoyed. The market has already learned from the big mistake of listening to the likes of Jamie Dimon. Right now, Bitcoin is ignoring what the so-called experts can say against it. Whether Bitcoin can go popped someday...that is something we have to find together. I am predicting the continuing growth for Bitcoin and this $12K level is just the tip of the iceberg. Certainly, Bitcoin has risen primarily due to the excitement for the formal opening of the Bitcoin Futures Contracts market.
