Bitcoin, surprising analysts everywhere, soared past the $ 14,000 mark to hit a 24 hour high of $ 15,340. Just two days before the launch of Bitcoin futures in Chicago based CBOE, the virtual currency registered a year to date increase of over 1400%. In one day, Bitcoin hit the record value of $ 15,340 per unit and a 24 hour low of $ 12,662.86. As of 11:40 A.M. today, the value of the cryptocurrency stood at $ 15,042.06.
While Cboe Futures Exchange will start future trade this Sunday at 6 P.M. Eastern Standard Time, Chicago Mercantile Exchange will start future trade next week. Meanwhile, Nasdaq Inc., will begin the trade sometime next year. Bitcoin’s value was at sub $ 1,000 level at the beginning of the year and skyrocketed by the end of 2017.
However, the Reserve Bank Of India, which does not recognize Bitcoin as legal tender has issued warnings against the use of the cryptocurrency. The Central Bank has not given any license or authorization to any entities to operate such schemes or deal with bitcoin or any virtual currency. All over the world, Bitcoin’s more than 10 fold upsurge this year also led to warnings of a bubble. After the latest surge, Bitcoin’s market capitalization increased to $ 250 million according to data from CoinMarketCap.
About 16 million Bitcoins are already in circulation from the 21 million Bitcoins which can be mined. According to Bloomberg, Bitcoin is expected to reach its threshold limit around the year 2140. At present, the biggest disadvantage the cryptocurrency faces is its technical nature which is difficult to understand. However, multiple analysts predict regulators around the world will make some form of cryptocurrency legal in various countries.