Bitcoin continues to defy all the logic as it touched a new high during the early trading sessions on Thursday morning, surpassing the level of $15,000 for the very first time. The world’s most popular cryptocurrency touched to $15,340 per unit at several indexes as of as of 10 am IST, according to data available on coingecko.com. Bitcoin was hovering at $12,000 level as early as Wednesday morning, with the latest rally adding another chapter in Bitcoin’s incredible bull run that has been continuing since the beginning of this year.
Interestingly, Bitcoin’s latest record-breaking rally comes just ahead of the much anticipated Bitcoin Futures debut on the Chicago-based CBOE on this coming Sunday. Several other exchanges have also announced that they will launch their own version of Bitcoin as they clearly don’t want to miss on the ongoing bull run.
But several investors have cautioned that the Bitcoin’s rally cannot continue forever and a massive correction is imminent in near future. Even India’s central bank, Reserve Bank of India (RBI), issued latest warning on Wednesday to investors for investing cautiously in Bitcoin’s ongoing bull run.
However, Bitcoin’s die-hard supporters and investors are apparently in no mood to give heed to these warnings. Many claim that even if the current rally were to crash, Bitcoin is here to stay and in fact may very well become an integral part of the global monetary system in coming years. Several Bitcoin investors have suggested a middle ground to resolve the current conundrum, calling for the government to formulate certain rules and regulations to regulate cryptocurrency trading. Some have even gone far in suggesting that the government must form a nodal agency to regulate cryptocurrency trading.
Meanwhile, the question that is haunting everyone is not when the government will blink, but when will Bitcoin’s bull run come to an end. Even many of the most optimistic investors claim that the party has been going for way too long and the end may not be too far.