A little more than two months ago we had written about how Bitcoin has crossed the barrier of $4,000 for the first time. Since then, the cryptocurrency has gained over 50% in value, breaking above $6,000 for the first time yesterday. Its market cap also for the first has crossed the $100 billion milestone for the first time.
The latest surge is very significant as it comes at a time when Bitcoin has been receiving a lot of bad press. China and South Korea have recently banned ICOs. JPMorgan’s CEO Jamie Dimon called it a fraud. CEO of Brazil Central Bank labeled it as a pyramid scheme. But none of this has been able to slow down the digital currency. It had $5,000 for the first time on Oct 12, only nine days ago and now it’s trading at ~$6,100.
A Stock Analyst had earlier this year predicted that Bitcoin will reach $50,000 in the next decade. When Ronnie Moas had made that prediction in July, the digital currency was trading around $2,5000 mark and he had predicted that it would double and reach the $5,000 mark next year. Looks like Ronnie even with his very generous prediction underestimated Bitcoin. And that may very well be the case with this $50,000 prediction. But only time will tell.
For now, to put things in context for you: if you had invested $100 in Bitcoin on Jan 1, 2011, it would’ve been worth more than $2 million today.