Bitcoin is on the verge of taking out the $10,000 barrier.
If you told someone that in the first quarter of this year, all you'd hear is ridicule. Chants of "It's a bubble!" and calls warning one not to put their money into this volatile and dangerous, dare we say, asset class.
But cryptocurrencies have
officially gone mainstream. More and more people are asking what Bitcoin is and how they can buy it. It may have even been a conversation over the Thanksgiving weekend with friends and family. According to some recent data, almost 100,000 new Coinbase accounts were opened over the weekend.
Further, the CME Group (
CME) will begin offering bitcoin futures in the
second week of December. Will this count towards a buy-the-rumor, sell-the-news setup or will it provide institutional players a gateway into the cryptocurrency space and drive bitcoin prices even higher?
It's too tough to say, particularly for something like bitcoin. I just can't imagine buying a few digital coins for $10,000 a pop. Particularly when that "coin" is up more than 750% so far in 2017. Bitcoin, now trading a hair under $9,700, was actually cheaper than an ounce of gold at the start of the year. In fact, it was $200 below the spot price of the yellow metal in early 2017.
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