By Jason Patterson | USA
The price of bitcoin has exploded to 15,200, a new all-time high record. The revolution continues as he world’s first concurrency has nearly doubled in price over the past month.
The extreme uprise has pushed the market cap of bitcoin to nearly $219 billion, according to industry website CoinMarketCap. The combined value of all the bitcoins in circulation has already passed the annual output of some entire counties economies such as Portugal and Qatar.
Bitcoin’s surge of users comes as UK money transfer application Revolut announced it is planning to let its users sell and buy cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The firm is currently applying for a European banking license. This would make them the first bank in Europe to allow cryptocurrency purchases.
On top of this, some of the biggest exchanges in the U.S like the CME and CBOE have announced plans to pitch contracts.
Bitcoin virtual currency made was first made in 2008 being worthless. Two years later it became worth a fraction of a penny by March 2010. Bitcoin’s rise in value in 2017 is unprecedented. Showing an insane rise of being worth no more than 1,000 on January 1st and now upsoaring to its 15,200 today.
This has also sparked controversy from the establishment in fact even the US Senate is considering drafting a bill to outlaw the concealment of ownership of digital currency accounts, which could threaten Bitcoin.
However, this hasn’t slowed down Bitcoin, more and more people across the world are taking their chances on the bitcoin lottery, with institutional investors getting ready for crypto trading.
Wall Street banking giant JPMorgan is reportedly mulling the idea of helping clients tap into the potential bitcoin futures market being prepared by the Chicago Mercantile Exchange (CME). Top institutional investors are going to offer bitcoin or similar products as an investment option within six months, according to Mike Novogratz, the former macro hedge fund manager at Fortress Investment Group.