Bitcoin tops $12000 and is well on its way to $13000

Bitcoin tops $12000 and is well on its way to $13000

Bitcoin recently took a massive step back in terms of its prices after hitting the luscious $11,000 with just a span of, more or less, 5 days.

The cryptocurrency is reported to have crossed $12,000 a few hours ago and at the time of writing is now sitting at $12,573.

December 6, 2017, 1:53 p.m. CET Less than 12 hours after it first passed the price of $12,000, Bitcoin is now trading at over $13,000.

Once launched, Bitcoin futures contracts would allow investors and traders to trade the cryptocurrency at a certain market value, something that would hedge against any risks that the digital currency may suddenly plunge in value. Such as: the bitcoin market cap will erode gold and even sovereign wealth bonds, that it will reach six figures by 2020, and that it is as big a thing as the World Wide Web was in 1995.

Based on speculation alone, experts suggested value was positively impacted by the news.

The cryptocurrency remains controversial due to the lack of central government control, which has given rise to claims that it enables global crime networks, money laundering and props up the dark web as a result of its de-centralised nature. Chinese authorities banned bitcoin trading and initial coin offerings earlier this year, while Indonesia approved a bill prohibiting bitcoin transactions from next year.

Other finance wizards are far less optimistic, such as JPMorgan Chase CEO Jamie Dimon, who referred to the currency as a "fraud" that will "eventually blow up".

Could it be a bubble?

That question has become a topic of intense debate for those operating in the financial services industry.

He said: "This is a risky speculative bubble by any shadow or stretch of the imagination". I've never seen a chart of a security where the price really has a vertical pattern to it. "Like all bubbles, they burst".

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