After breaking the latest record high of $6000 yesterday, the price of Bitcoin continues to rise and it is now trading at a staggering level of $6100.
According to data from the industry website CoinDesk, the world’s most prominent digital currency hit an all-time high of $6,147.07 just a day after reaching the $6000 level.
The price of Bitcoin has been rising ever since its creation, which means rising demand and an expanding market.
The digital currency is expected to continue rising in price, with several industry experts saying it will reach $25,000 within the next 5 years.
Having in mind how rapid Bitcoin has risen recently, such predictions do not seem impossible.
On the other hand, Bitcoin could also collapse. According to Kenneth Rogoff, who is a professor of economics at Harvard, it is only a matter of time before the currency takes a plunge.
“It is one thing for governments to allow small anonymous transactions with virtual currencies; indeed, this would be desirable. But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely difficult to collect taxes or counter criminal activity,” explained Mr. Rogoff.
Bitcoin has risen more than 500 percent this year, despite pressures from Chinese authorities that banned cryptocurrency exchanges. Russia’s central bank also said it would block websites that are offering cryptocurrencies.
In addition, business leaders have also expressed their negative opinion about bitcoin, like JPMorgan Chase CEO Jamie Dimon, who called bitcoin a “fraud.”
The creator of Bitcoin
The biggest beneficiary of this huge gain is bitcoin’s anonymous creator, who uses the name Satoshi Nakamoto.
Satoshi owns approximately 980,000 bitcoin, which would be worth about $5,9 billion. Consequently, this makes the creator of bitcoin the 247th richest person in the world.