Bitcoin Now Worth More Than $9000 in New Record High, Faces Mainstream Attention on Way to $10,000
Bitcoin's value versus the U.S. Dollar continues to skyrocket, with the cryptocurrency first breaking past $9,000 on Sunday, Nov 26. As of this time, Bitcoin trades for more than $9,600 and is about to face mainstream attention now that it could reach $10,000.
That's a huge psychological milestone to reach for the biggest cryptocurrency on the market, and Bitcoin is, by all signs, well on its way there. Bitcoin just reached $9,000 after just over a week of stay past $8,000, as Coindesk notes.
Compared to where it was at in late November last year, Bitcoin's value has already risen 800 percent since as trading volumes reached another record high at $5.4 billion on Sunday.
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It was just two weeks ago that the currency set a previous record for trading volume last Nov. 13, indicating that the speculation for Bitcoin will soon have it going past $10,000 sooner rather than later.
Google searches for bitcoin has also spiked once again, leading finance experts wondering how the mainstream attention will affect the meteoric rise of Bitcoin's value. Investors could not stop buying Bitcoin faced with this trend, and at the same time, warnings of a cryptocurrency bubble have been emerging.
"The legitimacy this gives bitcoin as a tradeable asset is very important. The market cap of bitcoin now exceeds that of IBM, Disney [or] McDonald's," Neil Wilson, senior market analyst at ETX Capital, said.
At this point, one unit of Bitcoin is now seven times more precious than an ounce of gold, as The Guardian points out. Investors loading up on the cryptocurrency have ignored, more often than not, the unique situation that Bitcoin is in.
"The only way it has value is if the next guy is willing to pay you more for it – the greater fool," Wilson noted. "With no intrinsic value to bitcoin, it's hard to see this as anything other than a giant speculative bubble," he added.
Unlike shares or stock, holding in Bitcoin will never pay dividends other than its ever-increasing value, something that investors have to think about as cryptocurrencies start going mainstream.
