Bitcoin pops above $14000 for the first time

Bitcoin pops above $14000 for the first time

Bitcoin pops above $14000 for the first time

Bitcoin price exploded to a new record high on Thursday to climb above $15,000 for the first time in history.

Crypto-currency Bitcoin (CURRENCY:BTC) surged through new highs of $12,000 on Wednesday, despite a slowdown in world markets.

It zipped past $12,000, $13,000 and $14,000 within the past 48 hours before popping above $15,000 on Thursday morning in NY, according to the tracking site CoinDesk.

December 6, 2017, 1:53 p.m. CET Less than 12 hours after it first passed the price of $12,000, Bitcoin is now trading at over $13,000.

The most recent rise, as noted by The Telegraph, came as British payments app Revolut announced it was planning to let users buy and sell cryptocurrencies in European markets.

Despite its bull run, the cryptocurrency's lack of government backing and regulation has led to volatility.

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Other finance wizards are far less optimistic, such as JPMorgan Chase CEO Jamie Dimon, who referred to the currency as a "fraud" that will "eventually blow up".

The latest buying spree was reportedly triggered by growing interest among South Korean speculators, as well as rumors about bitcoin derivatives that will be on sale in the U.S. by next week.

Stephen Roach, Senior Fellow at Yale University, the former Asia Chairman, and Chief Economist at investment bank Morgan Stanley, told CNBC that he was so dubious about investing in bitcoin.

According to a recent inter of Stephen Roach, former chairman and chief economist for Morgan Stanely Asia, "This is a unsafe speculative bubble by any shadow or stretch of the imagination".

Bitcoin's rapid rise this year has been powered in part by expectations that established fund managers are set to start pouring money into the virtual currency as it gains legitimacy. I've never seen a chart of a security where the price really has a vertical pattern to it.

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