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Why is Bitcoin Hitting $10,000?, 1912
According to former Fortress hedge fund manager, Michael Novogratz yesterday on CNBC: “Bitcoin could be at $40,000 at the end of 2018. It easily could. There is a big wave of money coming, not just here but all around the world.” Why? There are several factors, all of which seems to be pointing to a continued rocket skywards. Interest from Asia has continued to grow despite recent Chinese opposition. The Japanese now dominate bitcoin trading volumes, taking up about 62%. U.S. trading accounts for only 21%, and South Korea about 9%. Despite that, retail investors in the U.S. amount to less than 1% of the market, but they are starting to take notice and come online. Over Thanksgiving weekend, according to Bitcoin wallet provider Coinbase, over 300,000 new users were added – about a 3% jump globally. According to Alistair Milne, the Monaco-based manager of the Altana Digital Currency Fund: “The Coinbase data is evidence that adoption is not slowing down.” Bitcoin’s price in the last few weeks, has been pushed along by the beginning of institutional investors coming online due to the announcement by the Chicago Mercantile Exchange that Bitcoin futures would be launching in December. That means the CME and their primary dealers have to start building an inventory of Bitcoin to start trading its futures. According to Charles Hayter, founder of Cryptocompare: “Promises of bitcoin futures opening the door to institutional money are supercharging the price.”