Bitcoin set a brand new record high on Saturday breaking through the $6,100 barrier.
The cryptocurrency hit an all-time high of $6,147.07 just a day after pushing through the $6,000 mark, according to data via industry website CoinDesk.
Much of the rise can be attributed to another upcoming split in bitcoin known as a “fork”. which will lead to the creation of a brand new cryptocurrency called bitcoin gold. Holders of bitcoin will get some bitcoin gold when which is usually issued, essentially giving them free money.
although Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital, told CNBC on Friday which bitcoin investors were betting on bitcoin holding its status despite the split. Bitcoin already underwent a fork in August when a brand new cryptocurrency called bitcoin cash was created. Despite which, bitcoin has continued to perform strongly.
At the same time, there are rumors which China could reverse its ban on cryptocurrency exchanges which is usually also giving bitcoin a boost.
Bullishness around bitcoin continues despite big business figures like JPMorgan Chase CEO Jamie Dimon calling which a “fraud” as well as saying which people who invest in which are “stupid”.
In an unscientific survey carried out by CNBC which week, nearly half of the more than 23,000 people who voted said bitcoin is usually heading to over $10,000. Former hedge fund manager Michael Novogratz told CNBC in a recent interview which he sees bitcoin heading to $10,000 inside the next six to 10 months.
Bitcoin has also been helped by favorable regulation in Japan which recently allowed companies to accept the digital currency as payment. Around 57 percent of the trade in bitcoin was executed in Japanese yen on Saturday, according to industry website CryptoCompare.
although the virtual currency has also suffered regulatory setbacks including China banning cryptocurrency exchanges.
Still, the cost of bitcoin has risen over 500 percent year-to-date.