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Bitcoin Price Nearly Reaches Record High $3000

The Bitcoin gold rush has reached all-time highs in the last month and Tuesday saw the cryptocurrency reach a record high of $2,967 which led to cooler heads asking the question of this is sustainable.

Top influencers like billionaire Mark Cuban tweeted on the record high price and said,” I think it’s a bubble. I just don’t know when or how much it correct. When everyone is bragging about how easy they are making $=bubble. Anyone anywhere can buy a stock.#crypto is like gold. More religion than asset. Except of course gold makes nice jewelry/#crypto not so much.”

This among other factors led to the price going down to as low as $2,732 on the same day but recovered to $2,889.

Publicly Cuban has stated that he does not invest in Bitcoin except for $20 just to “ learn”. With over 200% increases in cryptocurrencies this year, the appeal to speculators is high as this way out performs stock benchmarks like the S&P 500 and Nasdaq composite.

Factors contributing to the spike in Bitcoin includes the Japanese Government’s decision to accept Bitcoin as legal payment. China and Russian also seem to be softening their stance on Bitcoin with Russian central bank recently saying that they are looking to adopt “regulations with a specific focus on tax, controls and accountability like [those which apply to] digital commodities.”

Author: Victor

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