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Bitcoin breaks USD14,000, less than 24 hours after hitting USD12,000

IA - TIME

Leading cryptocurrency Bitcoin (BTC) continues to rocket higher as it crossed USD14,000/MYR57,162 for the first time on Wednesday. This is less than 24 hours after breaching USD12,000/MYR48,996. As of 12PM (GMT +8), 7 December 2017, it’s currently lingering at USD14,800.

While there’s price differentials across different bitcoin exchanges, there’s no denying the phenomenal rise of the digital currency is both mind-blowing and a cause for concern.

The big swing upwards quickly cancelled out a 20 percent drop last week.

Bitcoin now has a market capitalisation of over USD230 million, putting it in the same ranks as the 20 largest stocks in the S&P 500.

It’s remarkable that BTC started the year below USD1,000/MYR4,083.

The Winklevoss twins are certainly smiling all the way to their digital wallets, now officially Bitcoin billionaires. This is thanks to the USD11 million they sunk into BTC when the price was hovering at USD120 per coin.

The famous twins, Tyler and Cameron Wiklevoss, won a USD65 million payout from Facebook, after the Facebook CEO Mark Zuckerberg allegedly stole their idea and turned it into the world’s biggest social media platform.

Bubble, what bubble?

VIA CNBC, TNW

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