Bitcoin Price Hits $10,000
A monumental milestone today for Bitcoin as the market price hits $10,000 (£7511) !
The $10,000 mark is the most significant hurdle to date for Bitcoin. ‘Experts’ and speculators have been questioning how long it would take to the $10k mark, but not many people quite expected it to be this soon.
The market cap is now more than $165 Billion, making the total value of Bitcoin worth more than Boeing,
The total market cap of all cryptocurrencies is now more than $300 Billion, collectively making them worth more than some of the richest companies on the planet including Wal-Mart, Nestle & Visa!
JP Morgan’s market cap is around $340 Billion and cryptocurrencies are quickly catching up!
What’s astonishing however is the fact that at the start of 2017, the total crypto market cap was just $17.68 Billion!
That’s an 833% rise in just 11 months! If things continue at this rate, and there’s no sign of things slowing, by November 2018 the total market cap will be more than $2.7 Trillion!
If Bitcoin continues rising at the rate it has in 2017, it’s market cap would be around $1.8 Trillion, more than the richest company in the world, Apple.
Now I’m not saying this will happen, but if Bitcoin and cryptocurrencies continue to increase at the current rate, the effect on the global economy will be like that of nothing we’ve ever seen before.
Fiat currencies will be worthless. This has the very real potential of causing a global financial melt down before the end of 2018. Get ready people because the world may be about to get very messy!
Why is Bitcoin going up so fast?
Bitcoin is being bought at an ever increasing rate. Most are buying it to be used as a store of value. Because the price is increasing, people are buying hoping to increase the value of their funds. As more people buy, the price increases even more, thus attracting more and more buyers.
It’s a snowball effect on a gigantic scale. The more the price goes up, the more buyers are attracted and the cycle continues.
It’s safe to say that it’s impossible to accurately predict where the Bitcoin price could get to by the end of 2018. We’re seeing now a tremendous amount more media coverage on the subject, celebrities and public figures speaking out and alerting the public to the scale in which Bitcoin and other cryptocurrencies could become.
One of the biggest factors for the increase in Bitcoin price is word of mouth. With so many people profiting from Bitcoin, it’s easy to see why cryptocurrencies are taking off at such a rapid pace.
Aside from these, CME Group’s announcement to begin their Bitcoin futures market before the end of 2017 may have had a large impact on the price increasing so fast. Other large financial institutions are making moves toward the cryptocurrency, even JP Morgan who’s CEO famously called Bitcoin a fraud just months ago are considering offering CME’s Bitcoin future markets to their clients.
With even more things favourable to Bitcoin due to happen before the end of the year such as The Big Bang Theory’s Bitcoin episode and when CME actually begin selling their futures market, anything can happen!