(Updated November 20, 2017 at 7:12 p.m. Central time U.S. — Bitcoin’s price increased to a point just short of $8,300 today, hitting a new all-time high of $8,285.88 on the Coindesk Bitcoin exchange index at 6:42 p.m. Central time. The daily and all-time high on the GDAX exchange was $8,292.93 in the 11 a.m. Central time hour.)
Bitcoin’s meteoric price increased continued this morning as its value broke through the $8,200 mark for the first time.
At 8:30 a.m. Central time U.S., Bitcoin hit an all-time high of $8,224.29 on the Coindesk Bitcoin exchange index. In the same hour, the price reached an all-time high of $8,233.99 on the GDAX exchange.
Typically a Bitcoin price spike can be tied to some news that those who support Bitcoin view as positive. This morning, the news comes from the CME Group, which confirmed on its website that it will begin to offer Bitcoin futures on December 10, “pending all relevant regulatory review periods.”
Moves like this will prompt other institutional investment firms to look more closely at Bitcoin and cryptocurrencies as a component of their product offerings. This will open Bitcoin to more investors who are willing to risk large amounts of current assets or cash to move into Bitcoin. That increase in demand will prompt an increase in price, according to basic economic theory.
Bloomberg.com today posted an article illustrating that some “doomsday preppers” are moving from gold into Bitcoin.
“I consider bitcoin to be a currency on the same level as gold,” Ontario, Canada farmer Wendy McElroy told Bloomberg in an email. “It allows individuals to become self-bankers. When I fully understood the concepts and their significance, Bitcoin became a fascination.”
Truck driver Tom Martin told Bloomberg there has been a shift in mindset among “preppers:”
Not too long ago, people in the prepper community were actively warning against crypto, and now they’re all investing in it. As long as the grid stays up, people will keep using bitcoin.