| Mr. Crowd News |  Market
40% Gain Within a Week, Bitcoin Above $16,000
By Mr. Crowd 7 Dec 201715:58
With the approaching launch of bitcoin futures this weekend by Chicago Board Options Exchange, one of the world’s biggest derivatives exchanges, bitcoin (BTC) is now trading at above $16,000 according to Reuters and even higher on some other exchanges.
That’s a gain of 12% today, and up over 40% since the start of the week.
Bitcoin serves as a new kind of currency for the digital era. It works across international borders and doesn't need to be backed by banks or governments.
Or at least that was the promise when it was created in 2009. The surge and volatility of bitcoin this year may be great for those who invested early, but it undermines bitcoin's viability as a currency.
After the launch of bitcoin futures, which will allow investors to take speculative “short” positions on the cryptocurrency, as well as “long” positions, could cause even greater volatility.
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