(RepublicanReport.com) – Depending on who you ask, cryptocurrencies are either the future of trade or a major threat to our financial systems. Whichever view you hold, you can’t deny the growing importance of these currencies in today’s market. A growing number of online vendors accept cryptos, and a lot of investors are getting rich by speculating on their price movements.
Now, it appears Bitcoin, the most popular cryptocurrency, may be set to reach greater heights than ever before. On Tuesday, November 17, it was reported that one unit of the currency was trading for $17,000. This is the highest level it has reached since January 2018.
Bitcoin just hit a $325 billion market cap.
This is an all-time high for Bitcoin.
Congratulations to everyone who held through the bear market 🙏🏽
— Pomp 🌪 (@APompliano) November 17, 2020
Bitcoin first became widely known in 2017. The price rose from $1,000 in January of that year to a record high of $20,000 by December. This development made many rich, but also led to widespread debate about the implications Bitcoin and other cryptos could have for financial markets.
It’s still not clear how these poorly-understood and largely unregulated currencies will fit into our financial system. It’s an area policymakers should continue to scrutinize in the future.
Copyright 2020, RepublicanReport.com