May 3, 2017 Bill Still

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Bitcoin Rockets to $1437

Good afternoon, I’m still reporting on Bitcoin.
Bitcoin prices blew through the roof this morning to an all-time high of $1467 per Bitcoin.
The surge is attributed to strong demand in Japan where the digital currency has been deemed a legal means of payment. Bitcoin has nearly tripled in value over the past year and was trading at only $209 just 20 months ago – a 709% increase.

Recently, Chinese authorities forced Bitcoin exchanges to start charging trading fees. However, this is seen as a positive development as it is a stamp of regulatory imprimatur by the Chinese government, which guarantees Bitcoin’s eventual total acceptance because the government now has skin I in the Bitcoin game.

The spectacular rise now puts Bitcoin’s “market cap” at close to $25 billion, putting its net worth on par with large corporations. A further boost to Bitcoin’s price rise was a request by the BATS exchange – the second-largest U.S. equity exchange behind the New York Stock Exchange – is now backing Bitcoin’s full acceptance into the U.S. market by filing a request for the US Securities & Exchange Commission to review its March decision to not approve a Bitcoin-tracking ETF set up by the Winklevoss brothers.

Despite non-official acceptance in the US, Bitcoin ATMs are now sprouting up across the nation and around the world, with 1,153 now in place across the US. Billionaire investor Mike Novogratz, who is holding 10% of his investments in Bitcoin and other currencies, told a recent meeting in New York of the Harvard Business School Club that Bitcoin could rise to $2,000. He’s not the only one predicting a continued spectacular rise. Bobby Lee, CEO of BTCC, a Shanghai-based Bitcoin exchange says that the price could increase to $5,000 to $11,000 by 2020.

I’m still reporting from Washington. Good Day