Bitcoin, the popular cryptocurrency and worldwide payment system, has managed to scale the $11,500-mark on CoinDesk despite the Bank of England issuing a warning about an imminent regulatory crackdown on the digital currency.
Bitcoin, the popular cryptocurrency and worldwide payment system, has managed to scale the $11,500-mark on CoinDesk despite the Bank of England issuing a warning about an imminent regulatory crackdown on the digital currency. Bitcoin price reached a high of $11,599.16 in India today earlier in the day. The digital currency was trading at $11,440.53 at the time of reporting. The lowest Bitcoin price for today was clocked at $ 11,411.97. The ‘inherently risky’ cryptocurrencies are failing to meet the most basic function as money and hence attract regulatory crackdown, The Bank of England had said a few days back. In view of the rapidly climbing trade of cryptocurrencies on unregulated exchanges, the time has arrived to regulate them in order to counter illegal activities, The Bank of England Governor Mark Carney had said.
The cryptocurrencies including Bitcoin are already facing an intense heat worldwide due to their possible misuse for drug dealing, terrorism financing and money laundering. Bitcoin price in India and worldwide reached nearly $20,000 during the Christmas month. However, it soon crashed by more than half just in the starting of this year and even dropped to $5,000-level. However, it has since then recovered to nearly $11,000.
Meanwhile, there are reports in The Telegraph that North Korea may have made something around $200 million from the Bitcoins. The report estimates that North Korea may have earned $210 million in case it had monetised them when the popular cryptocurrency price peaked in the mid of December. The price of the digital currency has since crashed nearly 60 percent.
Last month, Nouriel Roubini, the economist who had rightly predicted the housing crash in the US in 2008, had termed Bitcoin as mother of all bubbles. The famous economist even drew parallels between the Mississippi bubble, tech bubble and Tulip mania. He said that Bitcoin is on its way to reach zero as it is devoid of any fundamental value.It has to be seen still where the digital currency settles in the coming days, he added. Bitcoin, the last few months, has been under the radar of various regulatory agencies worldwide.