Former hedge fund manager sees bitcoin at $40,000 in 2018
Bitcoin just took out the $10,000 milestone after the cryptocurrency’s 2017 rally accelerated over the Thanksgiving weekend, raising questions — again — about whether bitcoin mania has gone too far.
The currency BTCUSD, +7.96% was early Wednesday up 7.2% at $10,625.12, after jumping above the $10,000 mark for the first time ever Tuesday night, according to CoinDesk. Bitcoin has been skyrocketing of late, surging more than 50% over the past month alone. It is now up over 900% in 2017 so far.
“The bitcoin bubble shows no sign of abating at the moment. Ten thousand is a nice round number, and bubbles prefer round numbers to real world fundamentals. Economically, this is primarily an issue of transferring wealth from a large group (bubble buyers) to a small group (bubble sellers),” said Paul Donovan, global chief economist at UBS Wealth Management in a note
The break above $10,000 marks the fastest-ever $1,000-milestone jump for the cryptocurrency, having taken seven days to take out the $9,000 mark and 17 days to rally from $7,000 to $8,000. More on those stats here.