Des Annus Mirabilis. Bitcoin jumped to a new high of $6,600 today, up from $6,000, as the currency’s year long bull run keeps on continuing this autumn.
Its trading volumes have spiked to $3 billion, more than half of global trading volumes for all digital currencies. While its market share is within touching distance of 60%, a first since many months.
The currency is up more than $4,000 in just two months as heads keep on turning across the world, watching the people’s money rise and rise.
All bets are off at this point, for a bull run of this kind has never been seen before. It usually lasted barely days or, at most, a month. It has now been a year and there does not seem to be any slowing down.
The currency has undoubtedly gone mainstream. Coinbase added 1 million users in the past month, 100,000 of which in just one day when we checked the stats.
It is estimated there are probably 100 million bitcoiners spread across the world, with USA likely continuing to have the lion share. Hard numbers, however, are hard to come due to the pseudonymous nature of the currency.
But what is more easily coming are institutional investors. With a market cap of $108 billion, $98 billion of which was added just this year, they can no longer ignore the considerable amount of money to be made and, potentially, to be lost.
Thus providers are stepping up to serve market demand with futures coming to the currency within weeks if American regulators give the green light.
While, by a stroke of luck or great foresight, the little known Stockholm Nasdaq is now becoming a go to place for thirsty traditional investors as it hosts the only known bitcoin tracking stock, the XBT ETN.
With so much money to be minted – by the people this time rather than central banks – the great powerhouses of London and New York may soon have no choice but to court an ETF.
Then, mania may take hold as people rush to 21st century gold and towards a space that is so new, so advanced, that it is clearly grabbing everyone’s imagination.
Like the western rush following railroad’s invention, the booming 90s following the internet’s creation, we are in the grip of a race, and races within races, to take advantage of an invention that promises to upgrade money itself and the entire financial system with it.
The party will end, but many are wondering whether it has just begun. Can it last another decade into the roaring 20s like previous booms, or is a bust now imminent?
No one knows. No one can possibly know. So dance while the music lasts. Roar while the people’s money roars.