Bitcoin Shoots To The Moon, Surges Past $11,000
The cryptocurrency Bitcoin reached a value of $11,000 on Wednesday, a new all time high.
This is an increase of more than 1,000% since the beginning of the year, CNN Money reports.
Bitcoin has soared in price in recent weeks, breaking $8,000 two weeks ago and $9,000 over the weekend. While some investors are warning of a bubble and a potential crash, others are far more optimistic.
CNBC’s Jim Cramer called the rise of Bitcoin “parabolic,” and warned that it won’t last. “Even if you believe in bitcoin, the velocity of the move is a sign that it is parabolic. And parabolic moves don’t last,” he said Wednesday.
Another Bitcoin doubter is JPMorgan Chase CEO Jamie Dimon, who referred to the currency as a “fraud” that will “eventually blow up.”
Wall Street strategist Tom Lee is far more optimistic, predicting the decentralized digital currency could skyrocket to an astounding $100,000.
“We think over the next 10 years, this new generation of millennials are going to view trust as a replacement for gold. So, Bitcoin is essentially digital gold for another generation,” Lee told Sqauwk Box.
Fortress hedge fund manager Michael Novogratz is another Bitcoin believer, stating that it could “easily” reach the $40,000 mark by the end of 2018.