(Updated at 4:55 p.m. Central time U.S. — Bitcoin came within 15 cents of reaching the $8,100 plateau in the 2 p.m. Central time hour when it hit $8,099.85 at 2:18 p.m. The GDAX exchange nearly mirrored that movement, hitting a peak of $8,098.62 in the 2 p.m. Central time hour.)
Bitcoin crossed two thresholds today — a new all-time high, and $8,000 USD in value for the first time.
On the Coindesk Bitcoin exchange indez, the price reached an all-time high of $8,046.37 at 12:14 p.m. Central time U.S. During the same hour, the price reached an all-time high of $8,060 on the GDAX exchange.
According to an unconfirmed report, there was a large buy order at $8,000 on the GDAX exchange of 1,000 Bitcoins, which would create a swift increase in price due to the increased demand.
This comes in the wake of several interesting stories last week relating to Bitcoin value. One showed just how much people who currently possess Bitcoin believe it is worth to them. According to CoinTelegraph.com:
When would an average investor completely exit Bitcoin? A new survey among Americans indicates a price of $196K.
LendEdu commissioned a survey in November 2017 of 564 Americans who had invested in Bitcoin, CoinTelegraph.com reported. While surveys have been done in the past to gauge the awareness of the general public about Bitcoin, this survey focused on American Bitcoin investors and their sentiments. We have come a long way from 2015, when 65% of Americans surveyed didn’t know what Bitcoin was. The questions asked in the survey ranged from their reasons for investing in Bitcoin to when they would sell all their Bitcoins.
The average price at which the survey respondents said that they will sell all their Bitcoins is $196,166 per Bitcoin. This represents 30x the value of Bitcoin prevailing at the time of the survey. It is to be noted that this is the price at which the respondents will sell all their Bitcoins.
Almost a third (32.62 percent) have sold some of their Bitcoins since they started investing, CoinTelegraph.com. It is tempting to book profits, given how the price of Bitcoin has rallied in the last year.
Most of the respondents plan to hold their Bitcoins at least one year, with only 16.49 percent planning to sell sooner than that, according to the report.
According to the survey, 21 percent of Bitcoin investors plan to hold on to their coins for at least seven years, and 11.7 percent say they will hold the currency for 10 years or longer.
Also, USA-based Coinbase, the world’s largest cryptocurrency exchange, announced it will offer accounts for institutional investors at some point in 2018. According to Business Insider, the accounts will have a $100,000 activation fee and will be charged a percentage of assets in ongoing fees.
Coinbase CEO Brian Armstrong explained the new product in a post on Medium.com:
By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today. When we speak with these institutions, they tell us that the number one thing preventing them from getting started is the existence of a digital asset custodian that they can trust to store client funds securely.
“This is why I’m excited to announce Coinbase Custody,” Armstrong wrote. “The next step to accelerating the world’s adoption of digital currencies is to unlock the institutional money preparing to enter the space.”
As Armstrong said, this is just another sign of demand among holders of so-called mainstream investment assets to get involved in Bitcoin and other cryptocurrencies. This is one of the many factors that will keep Bitcoin’s value growing for the foreseeable future.