On October 31st of 2017 Bitcoin yet again set a record high in the market. The record now stands at 6,450 dollars.
But is this success a fallacy like those opposed to the idea of cryptocurrency?
The most recent surge in price is being accredited to CME Group Inc showing much interest in Bitcoin. In fact the Chicago Illinois based financial market company intends to add another market to its already large repertoire; a bitcoin exchange. CME intends to open this exchange later in 2017. This is a big step, not only for Bitcoin but also for CME. CME brings in almost 3.6 billion dollars in revenue yearly, but also controls a whopping 69 billion in assets making it one of the largest in not only the United States but also the globe. Direct investments in bitcoin may be hard for some millionaires. Mark Cuban; owner of the NBA team Dallas Mavericks had to reach out to a Sweden based exchange group, and that is exactly what CME seeks to fix. Increasing the ease that US-based investors have when it comes to Bitcoin investments.
At the moment the US Securities and Exchange Commision or SEC has not approved Bitcoin exchange traded funds, however investment groups similar to CME expect that to change in the near future. Expect a splash in the market as soon as that is approved, because the North American market is a large one.
What comes after 6,450?
This question is one that has no definite answer. However with the future plans there are few reasons for Bitcoin to fail. Many investors in favor of the cryptocurrency still support claims of the famed 10 thousand dollar mark by mid 2018. While many who oppose it seem to have fallen silent. In fact, the plan by CME has a large following of many large investors. The confidence of the market is expected to remain despite the SegWit2x split that is on the way in November.
Why should that scaling fork be an issue where Bitcoin Cash and Bitcoin Gold both failed to collapse the market?