The cryptocurrency, Bitcoin has not been universally accepted by many traditional investment specialists seeking to downplay the importance of a new way of creating monetary value in the digital domain. A recent report from the BBC revealed a new record had recently been set by Bitcoin with each coin valued in November 2017 at just over $10,000 for the first time in the eight-year history of the development of this new style of currency.
At the start of 2017, it seemed as though the cryptocurrency bubble was about to burst with the cryptocurrency trading in the hundreds of dollars following some criticism from investment specialists and global financial leaders such as those found in the United Arab Emirates. The rise of Bitcoin across 2017 has come at a time when plans to alter many of the ways this form of cryptocurrency was mined and valued which many experts feared may lead to a split in the Bitcoin mining community.
Records had already tumbled for Bitcoin in the Fall of 2017 as the cryptocurrency had reached a then-record $9,000 in value just days before the latest record fell as the overall value of Bitcoin reached its highest level to date. The overall value of Bitcoin on November 27th, 2017 was rated at more than $167 billion for those already mined which is impressive for a form of currency many predicted would fail soon after the first Bitcoin’s were mined.
Despite some traditional investment specialists looking to show their lack of confidence in the rise of Bitcoin the decision by U.S.-based futures trader, the CME Group to develop a futures trading platform base don Bitcoin will provide a further boost to the value of the cryptocurrency. Now accepted on most financial markets, Bitcoin has come a long way from the first attempts to trade the currency which include the purchase of two pizzas in exchange for 100 Bitcoins.