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The Value of Bitcoin has surpassed $6000 for the first time

The cryptocurrency hit an all-time high of $6,147.07 just a time after forcing through the $6,000 mark, according to data from application website CoinDesk.

Much of the rise can be related to another upcoming split in bitcoin apprehended as a “fork”. This will lead to the discovery of a new cryptocurrency called bitcoin gold. Holders of bitcoin will get some bitcoin gold when it is issued, basically giving them free money.

But Alex Sunnarborg, establishing partner of cryptocurrency fund Tetras Capital, told News on Friday that bitcoin investors were thinking on bitcoin holding its condition despite the split. Bitcoin already found a fork in August when a new cryptocurrency called bitcoin cash was conceived. Despite this, bitcoin has continued to perform strongly.

At the same time, there are accounts that China could repeal its ban on cryptocurrency exchanges which is also creating bitcoin a boost.

Bitcoin continues despite big business numbers like JPMorgan Chase CEO Jamie Dimon calling it a “fraud” and stating that personalities who invest in it are “stupid”.

In an absurd survey carried out by News this week, nearly half of the more than 23,000 people who voted said bitcoin is going to over $10,000. Retired hedge fund manager Michael Novogratz told News in a recent meeting that he sees bitcoin heading to $10,000 in the next six to 10 months.

Bitcoin has also been supported by favorable regulation in Japan which recently allowed companies to accept the digital currency as the amount. Around 57 percent of the trade in bitcoin was executed in Japanese yen on Saturday, according to industry website CryptoCompare.

But the virtual money has also suffered regulatory setbacks including China banning cryptocurrency exchanges.

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Icarus

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