Bitcoins Digital currency price soars to an all-time high

Currently trading above $5,000, industry thought leaders warn of a price bubble burst.

  • Published:
Bitcoins prices soar to all time high, above 5000 dollars play

Bitcoins prices soar to all time high, above $5000

( Photograph: Artyom Korotayev/TASS)
24/7 Live - Subscribe to the Pulse Newsletter!

The rising price of the cryptocurrency is now four times as much as an ounce of gold.

The popular yet controversial digital currency Bitcoins has emerged with its highest price value of above $5,000.

Now trading at $5, 186, compared with $966 at the start of the year, increasing by as much as 750%.

The price of bitcoins has been known to be volatile, falling below $3,000 after Chinese authorities cracked down on the digital currency in September.

Bitcoin price Photograph: Reuters play

Bitcoin price graph trend over two years (Oct '15 - Oct '17)

(Reuter)

 

Using Bitcoins helps customers bypass banks and traditional payment processes in paying for goods and services. The financial institutions including banks have been concerned about bitcoin’s associations.

Using bitcoin allows people to bypass banks and traditional payment processes to pay for goods and services directly. Banks and other financial institutions have been concerned about bitcoin’s associations with money laundering and online crime.

ALSO READ: How Nigerians are cashing out from this digital currency

The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble.

American Financial services holding company JP Morgan boss Jamie Donn says Bitcoins is used by  murderers and fraudsters like drug dealers, as well as in places like North Korea, adding that it would eventually blow up.

It is general consensus that bitcoins wouldn’t be made to replace central bank issued currency.

“ It is one thing for governments to allow small anonymous transactions with virtual currencies; indeed, this would be desirable. But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely difficult to collect taxes or counter criminal activity.

Despite the warnings, countries like Japan, Indian and Sweden are favoring the virtual currency adoption, celebrities like Floyd Mayweather, Paris Hilton and Jamie Foxx are putting their support behind the digital coin offerings.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos





Top Articles

1 Bank of Ghana Here are the banks with the best deposit rates in Ghanabullet
2 World Food Day Ghanaians waste $6 billion worth of food a year, twice...bullet
3 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
4 Banking In Ghana BoG warns against doing business with unlicensed...bullet
5 Banking In Ghana Fidelity is the next bank to merge but you...bullet
6 Menzgold Ghana Investment company closes down its Gold Vault...bullet
7 Gas Explosion NPA closes down 21 LPG stationsbullet
8 NCA Fine Radio Gold staff appeals for funds to pay finebullet
9 Interest Rate Here are the banks offering the cheapest...bullet
10 Joint Venture GBfoods and Helios Investment partner to...bullet

Top Videos

1 Entrepreneurship Failure- How To Deal With It | StartUpSchoolbullet
2 Tappers Palms Guinness Ghana launches new productbullet
3 Entrepreneurship How to be resourceful as an entrepreneurbullet

Business