Bitcoin Crosses $10,000 Threshold

29th November 2017

Experts are divided on whether bitcoin will continue to rise or whether its ascent represents a speculative bubble that could burst any time.

For the first time since its inception, the value of one bitcoin has gone past $10,000 (€8,459).

The virtual currency reached the benchmark for the first time, just days after it passed $9,000.

Thee crypto-currency was trading below $1,000 at the start of the year.

Experts are divided on whether bitcoin will continue to rise or whether its ascent represents a speculative bubble that could burst any time.

Furthermore, it is not entirely clear what has driven the sudden rise in value, especially some financial regulators have taken action limit its use in the past few weeks.

In Malta, Bank of Valletta is reportedly no longer allowing its clients to buy cryptocurrencies such as bitcoin.

The Times of Malta reported yesterday that a BOV spokesperson said the bank's position on cryptocurrency transfers was governed by "its own risk appetite, regulatory directions and the exigencies of its correspondent banking network".

They said the bank would be following developments in the sector and would keep its policy "under review".

Bitcoins were first produced in 2009 and took a long time to become an accepted holder of monetary value that could be swapped for real-world cash.

The total value of all the bitcoins in existence is now more than $167bn (€141bn).


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