Bitcoin Tops $13,000 - Bigger Than Citigroup

For the first time in history, the price of Bitcoin has surpassed $13,000 (rising from $12,000 in less than a day).

 

For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:

  • $0000 - $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days
  • $8000- $9000: 9 days
  • $9000-$10000: 2 days
  • $10000-$11000: 1 day
  • $11000-$12000: 6 days
  • $12,000-$13,000: <1 day!

image courtesy of CoinTelegraph

This pushes Bitcoin's market cap to around $220 billion (above that of Citigroup) as the market cap of the entire cryptocurrency space is now bigger than JPMorgan.

While no specific catalyst is clear, we note two headlines that stood out:

Tokyo Financial Exchange to Begin Planning for BTC Futures

The Tokyo Financial Exchange, one of Japan’s leading financial exchanges, has announced that they will begin preparations for Bitcoin futures offerings at the beginning of 2018. The company boasts some high value trading partners like JP Morgan Chase and Barclays.

The announcement suggests that the exchange will build a working group to study cryptocurrencies and the potential for futures this January. The working group is the first step toward final action and is generally a strong signal for adoption, since it preceded legislation for approval. According to the CEO Shozo Ohta:

“Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list the futures as quickly as possible. To achieve that, we will launch this working group to study various aspects, including Bitcoin’s present status, its outlook, and what form it will take root in Japan’s society.”

The announcement falls in line with Japan’s previous moves toward adoption of Bitcoin and other cryptocurrencies. The country was one of the first to recognize Bitcoin as a legal payment method, and has been open to increasing changes. At present, Japan is the world’s largest Bitcoin market, with about half of all Bitcoin trades globally being denominated in yen.

JPMorgan Switches Tact, Backs Bitcoin as New Gold

After Jamie Dimon drew a line in the sand for JPMorgan, calling it a ‘fraud,’ the company has once again stepped over that line, praising the digital coin as a ‘new gold.’ Analysts at JPMorgan believe that Bitcoin has changed its shape and that it could soon be joining gold as a reliable, long-term way to store wealth. Recent growth and recent changes have seen Bitcoin lean more towards being digital gold, and this is where JPMorgan see its value.

“Potential to elevate cryptocurrencies to an emerging asset class”

According to JPMorgan analyst Nikolaos Panigirtzoglou, the incredible spike in the value of Bitcoin is allowing it to start competing as an asset class; and seemingly at the same time drop out of the currency race.

There are changes afoot in the Bitcoin market, especially when it comes to making the digital currency easier to invest in. Panigirtzoglou said:

“The prospective launch of Bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors.”

However, amid all the exuberance in bitcoin's incessant rise, RT reports that another question about the safety of cryptocurrency transactions was raised this Wednesday.

Clients of a major Las Vegas bitcoin exchange Bittrex say they can’t withdraw their money and the company doesn’t explain why. The clients of Bittrex, which processes about $1 billion of cryptocurrency payments per day, are angry about the delays, Business Insider reports. They claim to have verification problems but get close to no feedback from Bittrex about the situation.

The company admitted to "significant delays" in handling the issues, but said they affected only "a small percentage of our overall user base."

New identification procedures are being implemented to comply with the US anti-fraud banking regulations.

One of Bittrex users, who asked the media to call him only by his middle name, commented on the problem.

“Bittrex has two levels of verification. Basic Verification, which I completed, but it said it could not find any public record to match what I entered. Then [it] gives you the option to submit what they call Enhanced Verification where you have to submit Gov ID, Passport, Selfie, etc. I, in turn, did this, but that one also failed, saying 'Name Mismatch Error.' To top it off, they do not provide any settings page to correctly make the name change if [there] truly is a name mismatch,” he said.

 

“The next step is for you to submit a support ticket, which I then completed. My support ticket was opened on November 6 with not a single response from anyone at Bitrrex. This is going on for almost 30 days now. I updated the ticket many times to no avail," he added.

Another user complained that when he made the deposit, no verification was required.

But it seems that is not stopping investors. As Ron Paul explains money arose via market transactions, and precious metals have served as money for thousands of years. Then government, for its own reasons, monopolized the creation of money. It has been a disaster ever since. Competing currencies, without government intrusion, will clean up this mess. Is Bitcoin a step in the right direction?

We leave it to Alan Greenspan to sum up the ironic ignorance of the status quo:

"...you cannot tell me that you can create out of nothing something has a medium orf exchange value..."

Comments

Gap Admirer Wed, 12/06/2017 - 14:19 Permalink

The rare, valuable, maff guarantees that ponzicoin will go to infinity. If it doesn't tmosely will "eat somebody's dick." Although I'm not sure I quoted him accurately on that.

Luc X. Ifer IH8OBAMA Wed, 12/06/2017 - 18:18 Permalink

Well, Ethereum is in free fall collapsing - completly oposite to the reference BTC and other top alts. Warning and advice - get out of it's shit ASAP

https://www.worldcoinindex.com/coin/ethereum

The 1st real life application deployed on the Ethereum Blockchain managed to almost collapse it and now the proof is in that the for long mentioned scalability issues are for real and not only hate.

https://techcrunch.com/2017/12/03/people-have-spent-over-1m-buying-virt…

[The game is run via a set of 5 Ethereum smart contracts written by AxiomZen, and users interact with it via their own Ethereum address. Right now the easiest way to do that is by using the Chrome extension MetaMask which gives you the ability to send and receive Ethereum directly in your browser. You then would navigate to the CryptoKitties site which is essentially an interface to interact with their smart contracts so you can buy sell and breed kittens.

Right now about 15% of all Ethereum network traffic is dedicated to the game, making it the most popular smart contract on the network. For reference, number two with about 8% of network transactions is EtherDelta, the popular decentralized token exchange.

This traffic is making it hard to play CryptoKitties, and a lot of transactions (like buying and selling cats) are taking longer than usual to process and needing multiple attempts.

Due to network congestion, we are increasing the birthing fee from 0.001 ETH to 0.002 ETH. This will ensure your kittens are born on time! The extra is needed to incentivize miners to add birthing txs to the chain. Long-term solution will be explored very soon!

— CryptoKitties (@CryptoKitties) December 3, 2017

Not only is this making it hard to play the game, but this scaling issue is a real concern for the Ethereum network in general. If one viral game that hasn’t even spread beyond the tech world can slow down the network, what happens when the blockchain expands to real world applications?]

In reply to by IH8OBAMA

Luc X. Ifer Luc X. Ifer Wed, 12/06/2017 - 18:23 Permalink

The Next CryptoKitties? The Blockchain Might Not Be Ready

[But the insanely viral trading game running on ethereum was most often cited, not as a success, but as an example of industry challenges. As put forward by developers and entrepreneurs, the world's second-largest blockchain just isn't ready to handle the buying, trading and mating of the crypto felines en masse.

As the panels proved, though, the problem is bigger than ethereum and CryptoKitties alone.

Scaling issues also influenced Earn.com's decision to create a token this year, and onstage, CEO Balaji Srinivasan spoke to a "philosophical split" in approaches to bitcoin that led to the decision.

Brian Hoffman, CEO of OB1, the startup that manages the e-commerce platform OpenBazaar, struck a similar chord in a talk in which he announced his company's plans to launch a token that will be used in conjunction with bitcoin.]

https://www.coindesk.com/token-summit-scaling-cryptokitties/

In reply to by Luc X. Ifer

HRClinton roadhazard Wed, 12/06/2017 - 14:42 Permalink

Wanna know what the truest part is, BiTChez? The fact that I can buy a lot of shiny AU for Bitcoin, and have done so already.Buying gold with a paycheck is so 2012.(Even if the worst possible nightmare scenario were to come true for Bitcoin, I have already way more than compensated for it with gold bullion, and would come out way ahead.What say you now, BTC hating oldbugs? Are you happy for me, or do you hate me? And what about you Peter Schiff and you, James Rickards? Are you still feeling clever and right for trying to flog gold over Bitcoin? Not so smart now are you? You better re-spin it in a new book, right?)

In reply to by roadhazard

shocktherapy affirmed_78 Wed, 12/06/2017 - 14:55 Permalink

Wall Street is the reason why, its going up so fast. you think the average citizen can afford this. Yes i understand Bitcoin is fractional. AUG 22, 2017 @ 06:38 AM Wall Street's Cowboy Traders Find New Riches In Bitcoin And Cryptocurrencies https://www.forbes.com/sites/nathanvardi/2017/08/22/wall-streets-cowboy… Former Energy Trader Goes All-In on Bitcoin By Stephanie YangOct. 21, 2017 9:00 a.m. ET J. Robert “Bo” Collins Jr. is among wave of traditional financiers looking to capitalize on rise of virtual currencies https://www.wsj.com/articles/former-energy-trader-goes-all-in-on-bitcoi…   

In reply to by affirmed_78