Bitcoin price shatters record by reaching $7000 for the first time


CME Group's decision to offer bitcoin futures - allowing investors to bet on the price of the cryptocurrency rising or falling by a certain date - on Tuesday sparked its jump from around $6,100 a coin to its current levels above $7,000.

At the time of writing, the price of Bitcoin managed to hit a new all-time high for the third time in nearly as many days, surpassing the coveted $6,000 mark and peaking at a global average of $6,609.

Speculators believe that Bitcoin futures are not the only reason behind the Bitcoin surge.

So with bitcoin illustrating a new level of maturity, where can we expect to see the cryptocurrency in the next 10 years?

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With this jump, Bitcoin has grown seven times since the start off this year.

The cryptocurrency soared past $7,000 for the first time, just a month after crossing the $5,000 mark. Now, the digital currency is trading at over $6,600 with a market cap worth over $110 billion, according to CoinMarketCap. China, South Korea, Russia, and Vietnam have already emplaced stringent restrictions on digital currencies, with many hoping that China will return.

According to Kay van Petersen, a Saxo Bank analyst, in the next decade, each unit of bitcoin will be worth $100,000.

This brings it in line with Cboe Global Markets, which announced similar plans in August, and LedgerX, which began trading in bitcoin options and day-ahead swops two weeks ago. A government panel has reportedly recommended shutting down cryptocurrency dealers operating in the country to put an end to use of cryptocurrencies such as Bitcoin. The bitcoin spot market has also grown to trade roughly $1.5 billion in notional value each day. As long as demand for it remains, it will continue to grow and as its value does, so too will future price predictions. In terms of India Rupee, one unit of Bitcoin now equals more than Rs 4.54 lakhs as of today. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high.