Bitcoin soars to new high, another record in sight

FinanceMalta places Exante at the forefront in predicting this rise in Cryptocurrencies

Bitcoin’s vertiginous ascent showed no signs of abating, with the cryptocurrency soaring to another record high just a few percent away from $10,000 after gaining more than a fifth in value over the past three days alone.

The digital currency has seen an eye-watering tenfold increase in its value since the start of the year and has more than doubled in value since the beginning of October, lifted by the prospect of crossing over into the financial mainstream, amid a flurry of crypto-hedge fund launches.

“Over half a million new users a day are coming through to bitcoin across the world, people are actively opening accounts left, right and centre, that new money coming into it is pushing it ever higher” stated Patrick J O Brien, Exante’s Communication Director. “Promises of bitcoin futures are opening the door to institutional money and in return supercharging the price”.

The price of bitcoin has risen by 900 per cent since the start of the year to reach a market capitalisation (the price multiplied by the number of bitcoins in circulation) of more than US$162 billion. The total market capitalisation of all cryptocurrencies is now more than US$304b.

To mention Bitcoin and cryptocurrencies, and opportunities for the banking industry in Malta in the same sentence, may have seem far-fetched previously; “ludicrous and potentially outrageous to some, interesting and innovative to others, but no more”, stated Patrick J O Brien. “The reality is that the world we live in and the financial services and banking sector will need to embrace and evolve to accept that change is inevitable.”

By Patrick J O Brien - EXANTE

featured

HSBC Global Asset Management...

HSBC Global Asset Management (Malta) Limited manages a range of funds which have exposure to both Maltese and international...
View profile