Bitcoin continues on its torrid pace.
Just a few moments ago it touched $9,600 per coin on the Coinbase exchange. Which is yet another all time high and within ear shot of the almighty $10k number.
People have been calling for that $10k number for some time now, specifically ever since bitcoin broke $5k. People tend to like those nice round numbers and $10k represents the next one once $5k was breached.
However, there have been some calling for this $10,000 number long before most of the others...
Back at the end of 2014 in an interview with Fox Business, Tim Draper said that Bitcoin would hit $10,000 per coin within the next 3 years.
That prediction puts us right around where we are today, November of 2017, and bitcoin is inching ever closer to $10,000.
Don't believe me about the timing of his prediction, check out the video:
Pretty cool how accurate this prediction turned out to be.
It's one thing for someone to just throw out numbers, but it's another entirely for someone to throw out a number and give a time frame... and have it turn out to be right.
According to Brian Kelly of CNBC's fast money, this latest surge in prices is mostly due to retail buyers.
Everyone was sitting around the dinner table and talking to family over the holidays and one of the most discussed items was undeniable bitcoin.
How can we assume that you might ask?
Well, it was reported that over 100,000 new accounts were created at Coinbase on/around Thanksgiving alone.
That would mark the second time in the past couple months that Coinbase has added over 100k new users in a single day.
The floodgates are about to open when institutional money enters the space the second week of December with the launch of the CME futures and options products.
Then ETFs are likely to soon follow.
The question then becomes whether all this new money will continue to boost prices higher or will the ability to short be abused by these large institutional firms?
We will just have to wait and find out to know for sure.
Investors in the silver markets claim that JPMorgan, among others, have been manipulating prices for years. Hopefully we are not hearing the same things about cryptocurrencies a few months from now.
Stay informed my friends.
Sources:
https://www.forbes.com/sites/jessedamiani/2017/11/26/10k-bitcoin-by-2018-looks-like-tim-draper-was-on-the-money/#489f990e3295
Image Sources:
https://www.forbes.com/sites/jessedamiani/2017/11/26/10k-bitcoin-by-2018-looks-like-tim-draper-was-on-the-money/#489f990e3295
https://www.coinbase.com/dashboard
