Bitcoin Price Soars Above $5000 to Record High

Bitcoin Price Soars Above $5000 to Record High

Recent reports that the Chinese government will ease regulations and that Goldman Sachs Group is exploring how it could help its clients trade cryptocurrencies are now helping sentiment.

In September, Bitcoin plunged below $3,000 after China ordered domestic Bitcoin exchanges to shut down days after it said initial coin offerings (ICO), or digital token sales, were illegal.

But the main factor could simply be demand from investors wanting "in" on a market that has provided gains exceeding those of any other currency in every year bar one since 2010. It is important to highlight the fact bitcoin could be bought for around $570 just about a year ago. Banks and other financial institutions have been concerned about bitcoin's associations with money laundering and online crime because transactions take place anonymously.

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But that was not enough to put investors off, with bitcoin rallying around 10 per cent since then. Majority of cryptocurrency transactions occur in the Bitcoin network. "I'm not going to talk about bitcoin any more", he said.

"Bitcoin was created to operate outside of the influence of governments and central banks, and is doing exactly that", said Iqbal Gandham, Managing Director at retail trading app eToro, which has seen huge increases in cryptocurrency trading volumes. As recently as December, bitcoin was trading at less than $1 000 dollars. But determining its value is hard.

Kenneth Rogoff, a professor of economics and public policy at Harvard University and a former International Monetary Fund chief economist, has predicted that the technology behind cryptocurrencies will thrive, but the price of bitcoin will collapse. Its gradual price rise over the years has also made it a favorite among cryptocurrency speculators.

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