Bitcoin hits a record high of $5845

Bitcoin - Inside Scandinavian Business

writer icon - -     Michael Wuensch   |   Tech     🕐 16. Oct. 2017

On Thursday the 12th of October Bitcoin passed for the first time a value of $5000 and on Sunday it reached an all-time high of $5,844.77.

Bitcoin is a cryptocurrency also known as a virtual currency, based on blockchain tech. Apart from gold, Bitcoin is considered to be the first decentralised currency not attached to any government, or in any way controlled by government restrictions.

The inventor of Bitcoin is an unknown person or group of people, under the name Satoshi Nakamoto. The virtual currency was released back in 2009 as open-source software. The code behind the virtual currency has since been available to be improved upon and further developed by other people within the open-source community.

What makes Bitcoin so attractive?
Bitcoin itself is being recognised as having revolutionised the perception of what a currency is and how it should be controlled. The creators of the virtual currency have no doubt challenged the ‘status quo’.
In addition to that, Bitcoin is a safer currency, which cannot be hacked due to its blockchain construction. This is in contrast to the ordinary currencies which are in a much more vulnerable position to being hacked and having information compromised.

Banks and government trying to stop it
When penetrating a new market like Bitcoin and other virtual currencies have done, one is bound to meet some resistance. Last month China banned the cryptocurrency crowdfunding methods and it instantly had an effect on the price of the digital coin.

It has also never been happy days and high appreciation from Jamie Dimon, CEO of JP Morgan. He said according to Financial Times that Bitcoin is a scheme and that he cannot believe that people do not see it. This made the prices drop at the time, however it did not have a long-term effect. Bitcoin always seems to bounce back and has done so once again, this time it is stronger than ever.

Coindesk Bitcoin Inside Scandinavian Business Link to Coindesk

A piece of the cake
Danish people want a piece of the cake. The Director of the Danish business:, Fredrik Grothe-Eberhardt told Berlingske Business that there is a growing interest from a new group of people. It used to be men between the ages of 16 – 35, but now there is a growing interest from Danish women and ‘older people’.

Bitcoin now
Bitcoin is known to rise and fall in value but 2017 has been an especially great year for Bitcoin. Starting off with a value of $1000 to the current $5510 according to Coindesk’s price index.

“..cryptocurrency prices are volatile because very few speculators actually understand the technology or its potential, leaving it vulnerable to reactive, emotion-driven swings”. Wrote David Z. Morris wrote in an article to Fortune.

We believe that information should be free and will therefore never put up a paywall.

If you like reading our reports about the Scandinavian business scene and would like to donate towards the upkeep of the site, we would be very grateful. Click here to donate.

Most Popular Articles of November

Most Popular Articles of this Year