Bitcoin just surpassed the $4,000 level after news of a possible shortened transaction time. Thanks to the all-time high of the cryptocurrency, more are jumping on the bandwagon and if this continues, it could even reach the $5,000 level.
According to Bloomberg, the leading cryptocurrency was at $4,298 last Monday after the trade process was optimized by offloading data from the primary framework. SegWit2x and Bitcoin Cash were seen as solutions to hacking and increasing transaction process. SegWit2x was supported by developers while Bitcoin Cash was supported by miners. Since the two were created, Bitcoin’s market value increased by as much as 335 percent in 2017.
Meanwhile, this resulted in a boom in business in other parts of the industry. Coinbase Inc., a digital currency exchange platform, recently received a $100 million investment. The bitcoin supply now has a threshold of 21 million.
Bitcoin’s value continues to skyrocket as it reached $4,483.55 on Tuesday. Per CNBC, Bitcoin’s market capitalization now stands at $73.5 billion, is almost on par with Netflix’s. If converted to stocks, Bitcoin is now more valued than PayPal, Costco, and Salesforce.
Experts now believe that people are starting to see the potential of investing in cryptocurrencies. As reported by Quartz, Ronnie Moas of Standpoint Research conducted a study on bitcoins and his estimate is that Bitcoin will reach at least $2 trillion in market value in the future. “People who put in $10,000 made $1 million already,” he added. Additionally, some experts see bitcoin as an alternative to gold.
Goldman Sachs’ Sheba Jafari predicts the gains will reach a saturation point and will go down to below the $3,000 level. However, she sees Bitcoin reaching the $5,000 level soon due to faster transactions.
The authorities are monitoring for criminal activities linked to bitcoin. In a Fortune report, digital currency exchange platform BTC-e was ordered to shut down amid allegations it was involved in drug sales and ransomware attacks. Hackers are now preferring bitcoins as ransom money because transactions can be routed to multiple accounts.
Bitcoin’s future is bright. The surge in market value is proof that its potential is limitless.
Israel vows $284 million to resolve diamond industry’s credit crunch
The 4 percent 10-year note yield will be a floor not a ceiling
Tips for expats to set up businesses in foreign countries
The landscape for rental cars is changing — here’s why
Is the recession upon us? Think global synchronized bond collapse
Cannabis acceptance grows as hemp industry leader PotNetwork Holding breaks CBD sales records
This fast-growing organic products stock already has space on Whole Foods’ shelves
Why Vapor Group Inc. might be the breakout penny stock you’ve been looking for in 2018
The CBD industry is enjoying a boost from the lifestyle sector
When you should consult your financial advisor
Promoting women’s football in Malta by UEFA projects
Euro NCAP marks its 20th anniversary with two crash tests
European Parliament’s International Trade Committee backs CETA
The American Heart Association has released four new PSAs
PwC presents 20th global CEO survey results in Switzerland
Crypto3 days ago
Could Global Blockchain Technologies change the way we invest in cryptocurrency?
Featured4 days ago
This hemp market player’s growth is about to go into overdrive
Crypto4 days ago
One of America’s oldest gold mines enters the crypto-century
Featured5 days ago
CBD stocks emerge strong in the growing cannabis industry, marijuana legalization
Featured4 days ago
The gig economy has matured — when will the business world catch up?
Business3 days ago
Why is it becoming harder for millennials to be homeowners?
Agriculture3 days ago
The benefits of supporting sustainable palm oil
Entrepreneurship2 days ago
Why being a silver entrepreneur makes a good decision post-retirement