2017 witnessed a stunning rise of cryptocurrency! After its dramatic dip the previous week, Bitcoin continues to soar high and has rebounded from its slump to break yet another record.
As per the latest report, the price of Bitcoin has skyrocketed past $12,000 and moved its year-to-date (YTD) gain to more than 1,100%.
Bitcoin Craze continues with seemingly no end in sight!
Over the past year, the largest cryptocurrency by market value took almost four months to reach $1,000 to a closing mark of $2,000.
It later skyrocketed from $9,000 to $10,000 in just a duration of three days, recording a tenfold jump in value this year.
However, Bitcoin’s sharp decline last week signified that a rapidly swelling phenomenon could explode in spectacular fashion.
Now debates are raging as to whether it is the biggest bubble the history ever witnessed or simply “digital gold” assuming its rightful valuation.
Hedge fund manager, Mike Novogratz told Bloomberg:
“This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes”
A type of cryptocurrency, Bitcoin works via the encryption technique but does not have a legal support from the central bank. It is not recognized in Pakistan either and is labeled as illegal by the State Bank of Pakistan.
