Soaring to New Heights
It's been a little over a week since the price of bitcoin soared passed $5,300 and then quickly surpassed $5,800. Now, the digital currency has reached a new record high, putting it exceedingly close to $6,000.
Both Bloomberg and Business Insider reported the currency's sudden surge on October 20, though the cause of the rise in value is currently unknown. At the time of writing, bitcoin's price is at $5,929, but that could change quickly and at any time.
This year alone, Bitcoin has been impacted by bans and restrictions set in countries like China, Russia, and South Korea. It's clear, however, that they were only minor stumbling blocks for the currency as bitcoin has risen by more than 500 percent in value this year alone.
The digital currency is expected to continue rising in price, with cryptocurrency mogul Mike Novogratz predicted that it could hit $10,000 sometime next year and other industry experts saying it will top $25,000 within the next 5 years. Considering how quickly Bitcoin has risen recently, such predictions may not be impossible.
That said, Bitcoin isn't infallible and could eventually collapse. Earlier this month, Harvard professor of economics Kenneth Rogoff expressed that it's only a matter of time before the currency takes a turn for the worse:
“It is one thing for governments to allow small anonymous transactions with virtual currencies; indeed, this would be desirable," he said. "But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely difficult to collect taxes or counter criminal activity.”
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.