The Rally for Bitcoin May be Back On

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The virtual currency widely known as the most valuable by market capitalization jumped right past $13,000 on Wednesday, December 6th, only hours after it surpassed its previous all-time high of $12,000.


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There have however, been a series of crashes for the currency, which looking at the amount of milestones the currency just passed, could indicate the bubble bursting soon.

Much of the large ascent for the currency can be attributed to the large amount of expectations and interest that has been displayed by big financial institutions. Along with the financial strongholds, many mom-and-pop investors have decided to get in as well. With these groups, the potential for bitcoin to continue growing is essentially through the roof. People continue to bid higher prices for the currency even though many people in the financial industry are telling them to beware.


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Several financial institutions have stated that people should beware, and that bitcoin is a fraud and a bubble. All this has done however, is create even more hype for investors and those looking to get involved. Starting at the beginning of the third week of December, investors will be able to begin putting money into futures for the currency via the Chicago Board Options Exchange. This is expected to increase interest from hedge funds who are looking to get involved in bitcoin but have yet to do so up until this point.

Futures will allow investors to trade by betting on the future price of the currency, rather than what it currently is at. Hong Kong’s Octagon Strategy managing director Dave Chapman recently stated that “the fact the CME, CBOE and Nasdaq will now all offer bitcoin products lends additional legitimacy.” The hopes are high that this level of legitimacy will help the price of bitcoin rise up.

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