The elusive cryptocurrency Bitcoin continues to soar as prices move past all-time high levels in extremely quick succession. A major rally has pushed its price beyond $14,000 today. Most intriguingly, the prices of Bitcoin have taken lesser and lesser number of days to achieve each successive $1,000 milestone, even as the prices have recorded an exponential increase since January. The latest buying spree, which defies repeated warnings about it being a bubble from reputed market experts and central banks alike, appears to have driven by a recent frenzy of interest among South Korean speculators and news that bitcoin derivatives will be sold in the US by next week.
Even as Bitcoins continues to soar to new life-highs in rapid succession, leading to a rush among investors wanting to capitalise on the sudden surge in their values over the last week, Reserve Bank of India doesn’t appear much enthused by the idea. Cautioning users, holders and traders of virtual currencies third time since February 2013, India’s central banking institution on Tuesday came out with another warning letter making them aware about the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs. Warnings and cautions aside, the cryptocurrency has defied all odds to return a staggering has returned a staggering 14 times since january, starting the year at $1,000 on January 2. We take a look at Bitcoin’s journey from $1,000 to $14,000, and how many days it took for the cryptocurrency to hit each successive $1000 milestone.
Bitcoin’s Journey since January
According to data from coindesk.com the price of Bitcoin was trading at $1,000 on January 2nd this year. Notably, much of the rise in prices have happened in the second half of of the year, and Bitcoin took more than four months to reach the $2,000 mark. Bitcoin moved past the $2,000 mark on 20th May 2017. The next milestone came pretty quickly as the concurrency moved past $3,000 on June 11th 2017, taking just around 22 days to achieve the feat. The prices smashed through $4,000 closing at $4,111.2 on August 13, taking more than two months. After taking about 60 days to surge past $5,000, the price of Bitcoin closed at $6,140 as on October 21st. November had been a very significant month for the prices of Bitcoin, as the prices smashed through $7,000, $8,000 and $9,000 to finally reach the five-digit $10,000 mark on November 28th. Undoubtedly, December has been the best month for the cryptocurrency as Bitcoin prices have risen meteorically in less than a week. Notably, the prices have pipped $11,000, $12,000 and $13,000 to trade at above $14,000 levels currently. The table below captures Bitcoin’s journey from the beginning of the year.
|Milestones||Date||Bitcoin||Number of Days|
Thomas Carper, a senior United States Senator once said in his assessment of Bitcoin, “Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” The rapidly surging price of Bitcoin, without any underlying asset or value-base, has irked the top banker Jamie Dimon. “Bitcoin is a fraud and will blow up,” Jamie Dimon, the CEO of JPMorgan Chase, said earlier this year, adding, “The currency isn’t going to work.” He pointed out to the absence of an underlying monetary base to support its value. “You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” Jamie Dimon said.