The Bitcoin Price today (Thursday 12th October 2017) has once again smashed past the previous all time high of £3755 ($4863) set on Friday 1st September 2017. The price is now the highest it’s ever been at £3846 ($5092).
A huge milestone for US investors as it passes $5000, a figure many questioned whether it could hit before the end of 2017.
Many feared the news could mean the end of Bitcoin, especially when JP Morgan CEO Jamie Dimon made a claim that Bitcoin was a ‘fraud‘, despite unverified rumours of his own company buying up a large amount of the currency just a few days after his announcement.
Now though, even with China’s banning of Bitcoin exchanges, the price is still soaring! The announcement has probably done Bitcoin a favour in the long term as more people will have gotten interested because of it, taking advantage of the price dip and scooping up some cheap BTC.
The continuing success of Bitcoin is rapidly gaining increased attention from the Media. Many institutions and governments are considering plans to regulate the entire cryptocurrency market. It’s an inevitability, but with the prices increasing so quickly, and the landscape constantly changing, it’s going to be difficult for governments to act as quickly as neccessary.
On 6th October the Ukrainian government for example announced a proposed law created to regulate Bitcoin Exchanges. If voted upon by the majority, the task will be passed to the countries Central Bank who would have 2 months to come up with guidelines for cryptocurrency exchanges.
As we all know, 2 months in the cryptocurrency world is a very long time and anything can happen.
But regulation is coming, and hopefully the new all time highs continue to excite all involved!
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