etvfutures.com
etvfutures.com November 24, 2017


Bitcoin Valuation Skyrockets to $5000

12 October 2017, 08:40 | Cesar Cruz

Source Shutterstock

Source Shutterstock

Bitcoin smashed through the US$5000 (NZ$7000) barrier for the first time, jumping as much as 8 percent on the day as investors shrugged off the latest warnings on the risks of buying into the booming cryptocurrency market. Meanwhile, Citi's CFO said his bank is taking an "intense" look at cryptocurrencies and blockchain. The crackdown was amid fears that a rapid increase in consumers could lead to wider financial solutions.

Jordan Hiscott, the chief trader at Ayondo Markets, said: "The returns are truly remarkable, especially given the recent ban on bitcoin trading in China, where demand had previously accounted for at least 10% of all global volumes". The decline was fueled by a comment from JPMorgan & Chase CEO Jamie Dimon who called bitcoin a fraud good for drug dealers and murderers.

Banks have raised concerns about the currency and associations with online crime and money laundering.

Professor of economics and public policy at Harvard University, Kenneth Rogoff, expects the price of Bitcoin to collapse.

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"Yet bitcoin was created to operate outside of the influence of governments and central banks and is doing exactly that".

One of the key benefits of using this cryptocurrency is that it essentially allows users bypass government and banking regulations and nearly remain anonymous. "But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely hard to collect taxes or counter criminal activity".

Two weeks ago, Japan's government implemented rules that recognize bitcoin as a payment method.



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