Bitcoin’s price soared to an all-time high on Thursday as global investors continue to pour money in the popular cryptocurrency. Bitcoin price touched $5,167.90 in early trade on Thursday, according to data furnished by industry website Coindesk. With today’s record breaking trading, the popular cryptocurrency surpassed the previous high of $5,013.91 hit on the first week of September.
Global investors seem to be buoyed by recent news report that China may resume cryptocurrency trading with tight regulations. Last month, China – followed by neighboring South Korea – banned cryptocurrency exchanges across the country and also impose ban on initial coin offerings (ICOs). Expectedly, China & South Korea’s decision immediately sent Bitcoin’s prices southwards.
However, investors may have got bullish over Bitcoin little bit too early, since most countries still harbor negative attitude towards cryptocurrencies. Russian President Vladimir Putin has became the latest high profile leader to speak against cryptocurrencies. Putin reportedly said on Thursday that “buyers of cryptocurrencies could be involved in unlawful activities.” A Reuters report even claims that Russia’s central bank may block websites offering cryptocurrencies.
The debate whether to legalize cryptocurrency trading with tight regulations have been raging on for quite some time now. Prominent economies like India and the U.S. have especially witness intense debate on this front, with many arguing that it is time to see cryptocurrencies from more positive perspective. However, nothing concrete has fructified till now in both these countries.
The main argument against Bitcoin and other cryptocurrencies is that their trading is completely unregulated, making them immensely vulnerable to shadowy investment & financial scams. Government agencies in few countries have even expressed fear that cryptocurrency trading may be used to finance terror activities.