Tuesday, March 19, 2024

Bitcoin hits another record high in march towards Sh. 2 million

Bitcoin hit another all-time peak on Tuesday, two days after the launch of the first ever bitcoin futures on a US exchange and ahead of the start of another futures contract next week, as investors grew optimistic that the $20,000 (Sh. 2 million) -mark is within reach.

On Sunday, Chicago-based derivatives exchange Cboe Global Markets launched bitcoin futures, enabling investors to get exposure to the currency via a large, regulated exchange.

The CME Group is expected to launch its futures contract on Dec 17.

“We’re going to see bitcoin emerge as a payment network,” said Trevor Koverko, chief executive officer of Polymath, a securities token platform.

“Currently bitcoin is being used as a speculative asset and store of value. But as scaling solutions…emerge, bitcoin’s utility dramatically increases along with its price,” Koverko said.

Bitcoin, the world’s biggest and best-known cryptocurrency, was quoted at $17,310 on the Luxembourg-based Bitstamp exchange, up 5.1 per cent on the day.

Earlier on Tuesday bitcoin hit a record high of $17,428.42, registering a roughly 20-fold increase in its price for the year as it drew in millions of new investors.

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