Bitcoin has been on a wild ride this year. Many had predicted that it would break the $10,000 ceiling by the end of this year. Bitcoin has done that in spectacular fashion and with little over a month to go before the year ends. It’s through the $10,000 barrier and is inches away from touching $11,000.
To say that Bitcoin has been on a wild ride is not untrue. The virtual currency has gained almost $9,000 since the start of this year. It has surged over $2,000 since the Thanksgiving holiday last week.
Many Wall Street giants have thrown their weight behind the virtual currency. Others still see it as a bubble. One of the best economists in the world, Robert Shiller, also referred to Bitcoin recently as “the best example of a bubble.”
It remains to be seen just how sharply the virtual currency is going to pull back from its all-time high of almost $11,000. That is if it pulls back at all. Some bullish predictions suggest that it’s going to surge even higher from here.
There are also indications that major financial firms will move into the Bitcoin market next year and start dominating it. The Bitcoin market has largely been dominated by smaller firms and individual traders looking to make a quick buck.
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