Bitcoin Crosses $6000 Mark for the First Time Ever

In the latest price spike, Bitcoin saw its its value jump north of $6,000 for the first time, weeks after it crossed the $5,000 figure.

The currency peaked at $6,067. At the time of this articles, it is trading at around $6,009.

Not only that, the currency also reached a record valuation of $100 billion for the first time ever in its history.

Bitcoin’s most-recent surge began earlier last week, when the currency saw its price jump thanks to rumors of upcoming support by Amazon. The move, if it went through, would do wonders to the exposure of the currency and its usability. Whether that happens could be revealed in Amazon’s next investor call set for October 26th.

Then there were reports from China, which pointed to a possible loosening of restrictions imposed there. With the journey hardly ever straightforward for Bitcoin, the reduction in restrictions there could be balanced by further restrictions from Russia (something which shaved off $600 from its value earlier this month).

The upcoming hard fork of the currency, which will bring improvements in the quality of transactions and usability, will only bring further excitement in the field.

Already, there are reports from FundStrat co-founder Tom Lee saying that the the currency could reach a staggering level of $25,000 by the year 2022. Though he deemed the projected figure conservative in an interview with Business Insider, he has stayed true to his word despite recent mini-crashes the currency has sustained in the face of restrictions placed on it by China.

Mr. Lee has arrived at the valuation using the same method (Metcalfe’s Law) that is used to value social networks, deriving the final answer from its number of users. He claims it has worked till now.

Whether the currency’s volatile nature prevents that from happening remains to be seen.



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