Bitcoin observers believe that Bitcoin is expected to fare even better than the current performance wherein it is being sold at $400, the highest in its life time exchange rate. Even its capitalization has gone up to $4.6 billion. Now more investors are looking for Bitcoin than ever as now they are realizing the great potential the digital currency has.
The virtual currency has been hitting new records and achieving new milestones in its short five years lifespan. However, many traders and analysts are still pleasantly surprised that Bitcoin has not been hit by the seizure of Silk Road, a drug seller. Many observers even believe that it was good for Bitcoin as its image has now been cleansed.
Speculation Ripe, Bitcoin May Hit $500 by the End of 2013
BitStamp sold Bitcoin for $400; however, when this news is being written, the prices have gone down to $393.53 and the Bitcoin exchange is keeping the day’s range from $381.00 to $410.58. Nonetheless, Bitcoin’s market cap which has just been doubled thanks to a heavy increase in the prices of the digital currency is expected to hit $500 by the end of the year.
Even if Bitcoin hits $417 in the exchange market, it will enhance the total market capitalization which will then go up to $5 billion. This is not hard to achieve the way Bitcoin is traveling in the fast lane and has achieved mindboggling heights in a short period of time, particularly, when it was written off by several skeptics.
No Silk Road Seizure can write off Bitcoin
Despite bad news coming from the global media like how a major theft took place where hackers made off with 4,100 Bitcoins ($1.2 million) stolen in two separate attacks and a bankruptcy tied to a member of the Bitcoin Foundation, a $4 million scam that suckered 1,000 Chinese investors, etc. Bitcoin is notching new heights every passing day.
When in May this year, Bitcoin went below $50, skeptics started writing it off, however, last Friday, the virtual currency blew through $300 for the first time and now it hit $400 yesterday and is expected to breach the mark of $500 by the end of the year.
It looks like the Winklevoss twins are lucky for some reason, wherever they get they profit, it may be just a coincidence, but since the time they joined the Bitcoin economy, it has been faring better.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org