One-year Bitcoin price chart demonstrates explosive growth
Bitcoin’s strength is breathtaking. You don’t have to be a clairvoyant to see where this is headed. Coinbase, a leading Bitcoin exchange, claims 100,000 new users opened accounts in the 24 hours (November 1, 2017) after CME (Chicago Mercantile Exchange) announced they would be starting Bitcoin futures trading before the end of the year. The second American exchange, Rofex, Bloomberg reports of Argentina’s futures trading exchange, will formally announce adding cryptocurrency services to its platform. Outrageous predictions by long-time Bitcoin advocates don’t seem all that crazy now. Max Keiser, who predicted $100,000 in 2011 when Bitcoin was $3.00, says $10,000 is just around the corner. longforecast.com a website that gathers future predictions says Bitcoin reaches $10,439 by the end of 2017, $28,781 by the end of 2018, and $46,232 by the end of 2019.
For the last two weeks, Bitcoin’s price has surged. It started 2017 at $961. By September 1, 2017, Bitcoin was up 515% to $4,957. In the next three weeks, Bitcoin has pushed up to an all-time high of $7,412.44; a 50% increase in 21 days. At first, the other cryptocurrencies also rose in sympathy with Bitcoin. Of late, however, the other cryptocurrencies had dropped in price, indicating investors were shifting funds into the more lucrative Bitcoin. Ethereum and Litecoin are now beginning to rebound.
One-week Bitcoin price chart shows steady, aggressive growth; up 50% from October 14th.
There will be a quantum leap in the speed and size of Bitcoin investments when big money Wall Street investors decide to invest. However, as of yet, no big bank has declared a willingness to trade in Bitcoin using client money. There have been no Wall Street investment firms buying or selling Bitcoin for customers. Fidelity has started a Bitcoin mining operation but that is a far cry from trading bitcoin. Quite the contrary, Jamie Dimon, CEO of JP Morgan Chase declared that bitcoin is a “fraud,” and, he would fire anyone in his firm that traded bitcoin. Other big bank CEO’s are not as negative but remain on the sidelines and are cautiously optimistic about Bitcoin’s prospects. This might change very shortly.
Along with Chicago Mercantile Exchange’s (CME) announcement that they would begin trading bitcoin futures by the end of the year, CNBC’s Brian Kelly, who has been a cryptocurrency advocate for several years, today recommended Bitcoin as an investment. This is huge. This could open the floodgates.
The Chicago Mercantile Exchange (CME) (also called “the Chicago Merc”) announcement:
CHICAGO, Oct. 31, 2017 /PRNewswire/ — CME Group, the world’s leading and most diverse derivatives marketplace, today announced it intends to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods.
This is a big deal. This could open the way for Wall Street, big banks and investor capital pouring into bitcoin. At the very least, bitcoin is now on their radar.
The CME trades derivatives, mergers and acquisitions, commodities and options futures. The old Chicago Board of Trade and NYMEX are now folded into the mix, having been acquired by the CME Group who owns the CME.