Bitcoin value charges through US$14000

Pedestrians walk past a Bitcoin currency poster in central Tokyo Japan. The digital currency has now breached the $12,000 level. Franck Robichon  EPA

Pedestrians walk past a Bitcoin currency poster in central Tokyo Japan. The digital currency has now breached the $12,000 level. Franck Robichon EPA

In early August 2017, cryptocurrency was divided into classic bitcoin and Bitcoin Cash, due to disputes about updates, which were supposed to increase the speed of transaction processing. Today, it has appreciated by the same amount in less than 24 hours.

The move opens the door to more regulation but also more mainstream adoption, as bitcoin futures and other derivatives would make it easier to trade the new asset class. Its market cap is now at $219.6 billion. It is aimed at making the cryptocurrency more scalable and democratic.

The price of Bitcoin started Wednesday below $12,000 before going through a major rally that pushed the price all the way to about $14,700 today. The firm is now applying for a European banking license.

Ultimately, however, Bitcoin received a boost after an announcement on Friday by the US derivatives regulator that it would permit CME Group Inc and CBOE Global Markets to list bitcoin futures contracts.

Davies might have a point.

Bitcoin may be digital currency, but why would anyone spend it?

Davies agreed with the brokerages' concerns that exchanges which are set to offer bitcoin futures and options have failed to get enough feedback from market participants on margin levels, trading limits, stress tests and clearing. The underlying exchanges, which will provide a reference price for bitcoin, work in unregulated markets and are beset by security problems.

Aslam said bitcoin was "defying gravity".

Proponents of Bitcoin and digital currencies see crypto not only as a profitable market, but also an alternative to traditional money which can empower the common man to upend the establishment and take control of the financial system. Yann Quelenn, market strategist with Swissquote (an exchange that launched Switzerland's first bitcoin futures product), has forecast a price target of $20,000 by the end of December for bitcoin.

Bitcoin virtual currency made was first made in 2008 being worthless.

Quelenn said "sheer greed" would be responsible for the surge. "Just watch the fireworks", he said.

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