Bitcoin Hits New Threshold as Its Price Breaks Record of $7000

Chelsea West
November 3, 2017

On Wednesday, bitcoin reached another all-time high of more than $6,600, according to CoinMarketCap. A government panel has reportedly recommended shutting down cryptocurrency dealers operating in the country to put an end to use of cryptocurrencies such as Bitcoin.

The cryptocurrency has had a week of rallying after CME Group, an American financial market company that operates the world's largest options and futures exchange, announced that it would introduce bitcoin futures contracts on Tuesday.

The most valuable cryptocurrency, Bitcoin, has smashed a new record for itself and any other cryptocurrency.

The announcement somewhat marks a turning point for Bitcoin - one that shows a greater level of trust and acceptance for the leading cryptocurrency. The futures, whose launch is subject to regulatory approval, will be based on the CME reference rate.

According to Kay van Petersen, a Saxo Bank analyst, in the next decade, each unit of bitcoin will be worth $100,000.

The latest spike in value brings Bitcoin's yearly gain to well over 600 percent.

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Cryptocurrency dealers might have to face closure in days to come. Unfortunately, such a device isn't now available, so the chance of seeing where Bitcoin will be in the next 10 years is not possible.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge.

Among those who have recently weighed in on its value include billionaire investor Warren Buffett, Saudi Prince Al-Waleed bin Talal and PayPal co-founder Peter Thiel. The whole tremendous run was a good sign that most coin enthusiast and the market have been shrugging the "fork" news and bonanza.

Strong trajectory caused the currency to fly to a towering $7,066.44 high, having begun the year with just the $1,000 price milestone in its trophy cabinet.

Editor's Note: Since this article was published, bitcoin prices have changed dramatically. As long as demand for it remains, it will continue to grow and as its value does, so too will future price predictions.

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