The cryptocurrency has hit a market valuation of USD100 billion for the first time ever. Bitcoins were in news for a while now for its alleged appreciation since its inception with few hundreds of dollars investment a few years back is now worth hundreds of thousands of dollars. Even the hackers have started demanding bitcoins as payment since it is safe and secure and tracing them is next only to impossible.
The value of bitcoin has tripled in 2017 alone according to o crypto pricing site CoinDesk. With a 7% increase to $2,879.80 on Tuesday, Bitcoin alone commanded a market cap to $46.68 billion which accounted close to half of the entire valuation.
Ethereum which is another crypto currency which has found the backing of JP Morgan and few nations that is looking to legalise it has recorded the greatest ever rise in the recent past. The combined valuation of bitcoins has made them more valuable than giants like Ford Motors, Deere & Co, Delta Airlines.
On Tuesday, the billionaire Mark Cuban tweeted that bitcoin prices were “in a bubble” adding further, “I just don’t know when or how much it corrects.” He also called cryptocurrencies “more religion than asset.”
Since the origin cannot be traced back, bitcoins may be used for illegal activities and the people who fund it for wrong causes may go scott-free.