Bitcoin Surpasses $4,000 on Sunday

Bitcion

Here’s a nice article from Sunday afternoon that by the time you read it on Monday morning it will totally outdated. Any news on bitcoin and cryptocurrencies are so last hour since this space changes so quickly. The best news about bitcoin is reading about all the people who have procrastinated, have not participated and in order to make themselves feel good “poo paw” the whole concept. Oh yes, IT’S REAL and still just beginning.
(Bill Taylor/CEO)

“The digital currency bitcoin vaulted to a new record high above $4000 on Saturday, boosted by strong Japanese demand on its way to multiplying its value fourfold this year.

Bitcoin hit an all-time high of$4,225.40 early Sunday before slightly paring those gains to trade near $4,000, according to CoinDesk.

The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin’s market value is now around $64 billion, up about $10 billion in the last week.

Bitcoin trade in Japanese yen accounted for nearly 46 percent of global trade volume, up from about a third a day ago, according to CryptoCompare. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. Bitcoin trade in Chinese yuan and South Korean won accounted for about 12 percent each.

The surge picked up speed in the last week, mirroring gold’s climb amid a global selloff in stocks and bonds. Rising worries about North Korea’s nuclear threat have sent investors flocking to perceived safe-havens and alternative assets.

“Bitcoin is benefitting from geopolitical tensions – trading in Japan and Korea has increased significantly over the last few months,” Brian Kelly, a CNBC contributor and head of BKCM, which runs an digital asset strategy, said in an email. He also attributed price gains to investors buying back bitcoin after the Aug. 1 split and greater attention from the Russian government…”

Full Story at CNBC