Bitcoin just passed $5000

Bitcoin just passed $5000

Two upcoming "forks" in the bitcoin software code, which will create rival clones of the cryptocurrency, were seen by some as a reason for the rise in price, which saw a boost after the "Bitcoin Cash" clone was created at the start of August. Ethereum is only up 2%, while Ripple is down 2%.

Bitcoin surged through the $5,000 level on Thursday for the first time since the launch of the unregulated virtual currency more than eight years ago.

Other cryptocurrencies gained value in that window of time as well.

The validation of even one Wall Street institution would "change bitcoin" by bringing in lots of big money.

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This week, Russian Federation has announced the regulation of digital currencies, as President Vladimir Putin said the instrument has significant financial risks. High Bitcoin transactions show the high levels of interests the public has on Bitcoin. "So to us, this bounce back in price is no surprise", the analyst added. And last month, JPMorgan CEO Jamie Dimon called the currency a "fraud" that will "blow up".

"It is folly to think that bitcoin will ever be allowed to supplant central bank-issued money", he wrote in the Guardian this week. "But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely hard to collect taxes or counter criminal activity".

Bitcoin mania just crossed the $5,000 mark.

Unlike a real-world unit such as the United States dollar or euro, bitcoin has no central bank and is not backed by any government. "Individuals are already able to transact electronically using a plastic card".

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