Cryptocurrency - Bitcoin near $10K -- now seven times more valuable than gold
Wednesday, November 29, 2017
The virtual currency bitcoin hit a new high of $9,700 on Monday -- making it worth seven times more than an ounce of gold. After starting the year with a value of just $1,000, the currency's value has skyrocketed 860 percent this year. Its value was listed at $8,000 just last week.
The latest gains could be fueled by expectations of big investors, such as hedge funds and asset managers, pouring money into the currency.
Beginning next month, the cryptocurrency will gain even more legitimacy in the financial industry as investors will be able to trade bitcoin futures via the Chicago Mercantile Exchange. Read more...