Bitcoin just hit $10,000: Dizzying rally shows no sign of slowing

Inside a Russian cryptocurrency farm

There’s no stopping bitcoin right currently.

The virtual currency has powered past $10,000 for the very first time, capping a jaw-dropping rally of more than 900% since the start of the year.

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Long shunned by regular investors as a murky domain for cranks along with criminals, bitcoin has gained growing mainstream acceptance in which year, helping propel its value higher along with higher.

in which’s been smashing through milestones at an increasing rate: in which soared above $8,000 just over two weeks ago along with only passed $9,000 for the very first time over the weekend. By early Wednesday afternoon in Hong Kong, in which was trading as high as $10,800.

Its stratospheric rise in which year has prompted warnings of a bubble. although experts say in which the gains in recent weeks have been driven by the expectation in which more major investors — like hedge funds along with asset managers — are gearing up to start investing inside digital currency.

Related: Russia eyes cryptocurrency dominance

Next month, investors should be able to start trading bitcoin futures via the Chicago Mercantile Exchange, which can be likely to give the virtual currency more legitimacy among professional investors. Futures allow traders to bet on the future cost of assets like currencies, metals along with agricultural commodities.

Bitcoin can be one of many cryptocurrencies in which have proliferated in recent years. Unlike the dollar or the pound, these virtual “coins” aren’t tied to a central bank. Instead, they are “mined” by computers using complex algorithms.

The decentralized nature of bitcoin can be what appeals to many of its enthusiasts along with unnerves a lot of its skeptics.

in which also makes in which harder to settle arguments about whether the currency’s huge gains in which year amount to a bubble. Unlike stocks, its value isn’t based on earnings or dividend payouts, along with unlike bonds in which doesn’t pay investors a steady stream of income.

Related: Bitcoin costs as much as $13,000 in Zimbabwe

along with the global market for bitcoin, at just over $170 billion, can be still relatively modest. The S&P 500 stock index, for example, can be worth more than $20 trillion.

“What can be the fundamental value of bitcoin? No one knows the answer to in which question,” said Arthur Hayes, CEO of Hong Kong’s Bitmex, a bitcoin derivatives exchange.

Experts said previously in which the $10,000 mark would likely be a key milestone for the digital currency. Hayes along with different industry insiders are predicting in which the publicity surrounding bitcoin will continue to lure big investors along with push prices even higher.

“Institutional investors … will begin to pull the trigger in 2018,” he said.

Related: Can anything stop bitcoin?

The virtual currency has famously attracted the derision of JPMorgan Chase (JPM) CEO Jamie Dimon, who called in which a “fraud” in which would likely “eventually blow up.” Warren Buffett has also expressed skepticism, warning of a “real bubble.”

although different leading figures in finance have defended in which. Goldman Sachs (GS) CEO Lloyd Blankfein pointed out last month in which “folks also were skeptical when paper money displaced gold.”

Bitcoin’s stunning ascent in which year hasn’t been particularly smooth.

In September, in which plunged as much as 20% after the Chinese government cracked down on offerings inside digital currency, prompting bitcoin exchanges to close their doors.

Earlier in which month, in which plummeted by up to 30% within the space of a few days, before quickly bouncing back, after in which appeared traders were switching to rival cryptocurrencies.

sy88pgw (Hong Kong) First published November 28, 2017: 9:27 PM ET

Bitcoin just hit $10,000: Dizzying rally shows no sign of slowing

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