Bitcoin, the first decentralized digital currency sets a new record on Saturday breaking the barrier of $6,100. According to collected data from industry website CoinDesk, the cryptocurrency bitcoin hit an all-time high of $6147.07 after pushing through the $6000 mark.
This rise can be attributed to upcoming much-anticipated split in bitcoin acknowledged as a ‘fork’. It will make a way to the creation of a fresh cryptocurrency popularized as bitcoin gold. The holders of digital currency are supposed to get some bitcoin gold when it will release, basically providing them free money.
On Friday, co-founder of cryptocurrency fund Tetras Capital, Alex Sunnarborg told CNBC that the bitcoin investors were gambling on the digital currency holding and its status in spite of the spilt. The cryptocurrency BTC has already undergone a fork in the month of August when a fresh cryptocurrency known as bitcoin cash (BCH) was created. Notwithstanding this, bitcoin has sustained to perform strongly.
Simultaneously, there are rumours that the populous nation in East Asia, China could reverse the ban on cryptocurrency exchanges that gives the digital currency a boost.
Bullishness around digital currency bitcoin (BTC) goes on despite the unfavorable comments from big business figures such as James Dimon, the CEO of JPMorgan (Financial service company) called it a “fraud” and addressed the investors as “stupid”.
In a recent instinctive survey conducted by CNBC, almost half of the more than 23,000 people who voted in the favour of bitcoin said it is heading to above $10,000. Michael Novogratz, the former hedge fund manager said to CNBC that he sees the digital currency bitcoin heading to US dollar ten thousand in upcoming six to ten months. The favorable regulations in Japan made bitcoin successful as most of the companies are allowed to accept the digital currency as payment. As per the industry website ‘CryptoCompare’, On Saturday, around 57% of the trade in bitcoin was carried out in Japanese yen.
But the virtual currency has also suffered regulatory setbacks which includes China banning cryptocurrency exchanges.
Still, bitcoin’s price has uplifted by 500% year-to-date.