The cryptocurrency Bitcoin reached an all-time high Tuesday, continuing a trend that has seen the decentralized currency rise 1,200 percent in the past year, CNBC reports.
As of Wednesday morning, Bitcoin is currently priced around $12,900 on Coinbase.com, a cryptocurrency trading platform. It appears as though a surge past $13,000 is imminent.
Bitcoin began 2017 at lower than $1,000, but the currency skyrocketed later in the year to $5,000 in October and $11,000 in November.
Bitcoin now has a total market value of about $213 billion, more than double Goldman Sachs’ market cap, CNBC notes.
Wall Street strategist Tom Lee has said that Bitcoin is the “digital gold” for millennials, predicting the digital currency could eventually reach the price of 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.
Other finance wizards are far less optimistic, such as JPMorgan Chase CEO Jamie Dimon, who referred to the currency as a “fraud” that will “eventually blow up.”