Technology rules the world in this day, and age, and Cryptocurrency is just one of the ways it does it. Bitcoin, the seemingly unbeatable, and digital currency broke through to its record high with a value of over $6,300 per coin on Sunday. Bitcoin experts believe that this rise is due to shifting in the finance world.
Data is showing that on Monday, the favored Cryptocurrency fell down approximately 1.5%, only to rise again. One of the largest Cryptocurrency exchange companies, CME Group, made an announcement that they are in the midst of preparations to launch a Bitcoin futures product. With over a $1,000 gain, Bitcoin now rests at a value of $7,083 US dollars.
Wall Street firms are announcing that a developing bitcoin futures is going to open the door for more products that are linked to the digital currency powerhouse. Trading companies are foreseeing multi-million-dollar bitcoin trades, and extreme drops in the value of competing digital currencies. Companies such as B2C2 have publicly stated that they’re already seeing the benefits of the Bitcoin rise, and expect to see more of it by way of more traditional hedge funds, and of course foreign exchange. However, not everyone feels the same way.
Investment, and business mogul Warren Buffett hosted an event in Nebraska where he briefly touched based on the future of Bitcoin, and digital currencies as a whole. The billionaire believes that the coin offerings are going to end badly, and aren’t something that he would invest in. The Bitcoin market cap is currently surpassing $90 billion, and even has people offering to sell their house in exchange for Bitcoins, but Buffett believes that you can’t value something that doesn’t produce value itself.
Bitcoin isn’t the only Cryptocurrency to have a rise over the past couple of days. The Ether coin that is used in the Ethereum Network also rose to $300, and has a market cap of around $29.5 billion. Predictions are saying that Cryptocurrency will rise, and fall over the coming months but experts state it is here to stay.