Bitcoin hits $10,000 boasting 940% of gains in 2017

Bitcoin hits $10,000 boasting 940% of gains in 2017

On Tuesday, the virtual currency bitcoin managed to grow to an all-time maximum above $10,000 on key exchanges as well as digital currency indexes, including the well-known Luxembourg-based trading platform BitStamp.

Reportedly created in 2009, the virtual currency bitcoin makes use of encryption along with a blockchain database, enabling the anonymous and rapid transfer of funds outside of a conventional centralized payment system.

It has ascended more than 900% so far in 2017, reporting the largest revenue of all asset classes, taking advantage of soaring institutional demand for crypto-currencies because mainstream and financial use has expanded.

However, many skeptics tell that it appears to be a pure speculative bubble, which has no relation to real financial market activity, to say nothing of the economy. What’s more JPMorgan chief Jamie Dimon dared to have it labeled a fraud.

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