At the time of writing this report, the price of Bitcoin is $9,950.00 – few dollars shy of $10,000 – as hedge funds plough in.
Bitcoin now worth seven times an ounce of gold, with market cap higher than IBM, McDonald’s or Disney. However, the analysts warn of ‘a huge bubble’.
Currently, the cryptocurrency is up 800% compared to the beginning of the year, when it was priced at $968 per coin.
The Wall Street Journal pointed out that by comparison, broker Charles Schwab — which invests in traditional markets like stocks and bonds — had about 10.6 million active accounts, albeit with total assets of $US3.3 trillion, many times higher than the value of Coinbase accounts.
