---
title: "Bitcoin Reaches New Record High Near $6,000"
description: "It was only last week that the price of bitcoin rose from $5,300 to $5,800. The currency doesn't seem to know how to slow down."
date: "2017-10-20"
modified: "2017-10-20"
authors:
  - name: "Kyree Leary"
    link: "https://futurism.com/authors/kyree"
url: "https://futurism.com/bitcoin-reaches-new-record-high-near-6000"
categories:
  - "Bitcoin"
  - "Blockchain"
  - "Cryptocurrency"
  - "Future Society"
tags:
  - "bitcoin"
  - "bitcoin price"
  - "blockchain"
  - "cryptocurrency"
---

# Bitcoin Reaches New Record High Near $6,000

![](<https://futurism.com/wp-content/uploads/2017/10/AdobeStock_177261048.jpeg>)
*\<em\>Image: \<a href="https://stock.adobe.com/stock-photo/3d-rendering-a-shallow-depth-of-field-of-golden-bit-coin-spinning-around-deep-inside-a-lot-of-bit-coin-in-background-and-showing-a-beautiful-sparkling-reflection-on-the-left-side-of-image/177261048?prev_url=detail&" target="\_blank"\>Adobe Stock\</a\>\</em\>*

## 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](<https://futurism.com/bitcoin-price-goes-over-5800-setting-a-new-all-time-high-record-in-less-than-24-hours>). Now, the digital currency has reached a new record high, putting it exceedingly close to $6,000.

[Both ](<https://www.bloomberg.com/news/articles/2017-10-20/bitcoin-nears-6-000-as-bulls-refuse-to-blink-at-regulation>)*[Bloomberg](<https://www.bloomberg.com/news/articles/2017-10-20/bitcoin-nears-6-000-as-bulls-refuse-to-blink-at-regulation>)* and *[Business Insider](<http://www.businessinsider.com/bitcoin-price-spikes-to-record-high-near-6000-2017-10?utm_content=buffer98b9c&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer-bi>)* 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](<https://futurism.com/according-to-chinese-official-chinas-ban-on-initial-coin-offerings-is-only-temporary>), [Russia](<https://futurism.com/vladimir-putin-russia-will-issue-its-own-cryptocurrency>), and [South Korea](<https://futurism.com/south-korea-has-banned-the-sale-of-all-new-cryptocurrencies>). 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.

## Steady Growth

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](<https://futurism.com/latest-prediction-puts-bitcoin-at-10k-by-april-2018>) and other industry experts saying it [will top $25,000 within the next 5 years](<https://futurism.com/leading-expert-says-bitcoin-will-soar-above-25000-in-5-years>). Considering how quickly Bitcoin has risen recently, such predictions may not be impossible.

https://www.youtube.com/watch?v=J-Vjgx75GXQ

That said, Bitcoin isn't infallible and [could eventually collapse](<https://futurism.com/harvard-professor-in-the-long-run-the-price-of-bitcoin-will-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.*

### Author social links  
[Twitter](<https://x.com/KyreeLeary>)