Bitcoin is heading for $ 10,000 mark
Bitcoin Prices
DüsseldorfWho is not firmly convinced of the success of the crypto currencies, which is likely to be dizzy in view of the recent price trend: If the Bitcoin rate at the beginning of last week still more than a quarter to less than $ 5,700 sacked, he has already caught again. Moreover, on Monday Bitcoin was trading at a new all-time high of around $ 8,200. The price has increased more than eightfold since the beginning of the year. Even the magic $ 10,000 mark is in sight.
The high-altitude flight can first be explained for technical reasons. The Bitcoin suffers from its own success: too many new users are in the network, which slows down transfers. This should be solved by a program update with the cryptic name "Segwit2x". When this failed due to the resistance of the user majority, the course collapsed. Many producers switched to the competing currency Bitcoin Cash, which deprived Bitcoin of processing power. In the meantime, more than 170,000 unconfirmed bank transfers jammed in the network - a veritable crisis.
This has now been overcome: The transfer backlog is completed, many users return to Bitcoin and drive it to new record highs. "The market is highly dynamic and liquidity is still low. Therefore, short-term moods can strongly influence the price, "explains Professor Philipp Sandner of the Frankfurt School of Finance and Management. But the real momentum is unbroken. "Bitcoin can be called a crypto base currency because trading in other cryptocurrencies takes place against bitcoin. This is an unbeatable advantage despite technical weaknesses. Around him a small financial cosmos has emerged, "says Sandner.
A long-term trend is even more driving the course. "More and more traditional investors are becoming aware of the issue, seeing Bitcoin and other crypto currencies as a novel asset class," Sandner said. While top bankers like JPMorgan boss James Dimon express criticism, others are cautiously open-minded. Among them is Lloyd Blankfein: He may not like the Bitcoin, said the Goldman-Sachs boss recently, but perhaps he represents the next stage of development of the money. In addition to Goldman also examined the bank Citigroup the currency.
The world's largest futures exchange Chicago Mercantile Exchange (CME) is already on its way. This had announced in late October to offer a Bitcoin future, a futures contract on the cryptocurrency. With its help, investors could hedge against price fluctuations. For a long time, it was doubtful whether the regulatory authorities would give the green light. On Monday, however, the CME published a start date, December 10th.
Observers are critical of the CME plan, fearing shockwaves in the markets should the bubble burst. CME boss Terry Duffy disagrees: "If the price goes down, then we'll suspend trading." One would tame the Bitcoin and make it a regular financial instrument, which is traded according to the usual rules - as his vision.
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