The bitcoin price surpassed for the first time 4,000 USD on Sunday, since the cryptocurrency was created in January 2009.

The new record follows days in which bitcoin has been setting consecutive all-time highs following a relatively static period when prices sat at around $2,700. That lull indicated a cautious market in the approach to the bitcoin fork that created a new cryptocurrency, bitcoin cash, on August 1, according to Coindesk.

By hitting this latest milestone, Bitcoin has surged more than 300% year-to-date, rising from less than $1,000 at the start of the year to break through key price levels of $2,000, $3,000 and $4,000, according to CoinDesk’s BPI.

“Up until now a lot of people didn’t really believe bitcoin could go any higher until the scaling issue is resolved,” said Arthur Hayes, Hong Kong-based founder of bitcoin exchange BitMEX. “With this actually being implemented on protocol, theoretically the amount of transactions that can be processed at a reasonable speed is going to be much higher, so a lot of people are very bullish about bitcoin now.”

For early bitcoin adopters, investors and users, as Cooley LLP attorney and Blockchain policy counsel Margo Santorini, bitcoin price could be the least interesting aspect of the digital currency. “Serious question: Is the least interesting thing about bitcoin still the price?,” Santorini said.

The majority of investors and users of bitcoin strongly believe that bitcoin will evolve into a major financial system which holds the potential to replace existing inefficient banking systems, third party service providers and financial institutions and hence, are not concerned with bitcoin’s short term price trend, cryptocoins news reported.

Comments

comments