Bitcoin hit a record today and now one Bitcoin is the equivalent of US$5,167.90 – this has piqued the interest of investors throughout the globe.
Back in September, Bitcoin hit a high of $5,013 but it later fell because China shut down local exchanges of Bitcoin. It fell as low as $4,108.
The cryptocurrency had already shown a 350% increase in the beginning of this year but the People’s Bank of China (PBOC) banned initial coin offerings (ICO) in the country. ICO is the process of raising funds by selling digital currency.
Bitcoin in China Expected to Resume
Reports have emerged that the second-largest economy in the world, China, might resume its local trade of Bitcoin. A China-based news company, Xinhua, revealed that China is expected to allow Bitcoin exchange, however, with more regulation.
Bitcoin has been used in unlawful activities which is why the new regulations might include new licensing and anti-money laundering measures on each exchange. Aurelien Menant, CEO of cryptocurrency exchange Gatecoin said,
Speculators are bullish on bitcoin’s value with the anticipation of China’s reintegration with global crypto markets.
Investors are moving in to look past some of the negative tones from dealers and regulators.
Putin Against Cryptocurrencies
This Tuesday, the President of Russia, Vladimir Putin said that “buyers of cryptocurrencies could be involved in unlawful activities.”
The Central bank of Russia also said that they will block websites of exchanges who are offering cryptocurrencies. CEO of JPMorgan Chase, Jamie Dimon also called Bitcoin a “Fraud”.