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Wednesday, May 24, 2017

Bitcoin surges to record above $2,400, bringing 2017 gain to nearly 150%

Bitcoin surges to record above $2,400, bringing 2017 gain to nearly 150%

The momentum behind bitcoin is growing far faster than traditional global investments.

Bitcoin hit a record Wednesday after a late Tuesday announcement from the Digital Currency Group alleviated worries about a fractious debate among cryptocurrency investors and technological developers.

Fifty-six companies around the world and 83 percent of bitcoin miners supported the "Bitcoin Scaling Agreement," according to the Digital Currency Group.

Brian Kelly, CEO of BKCM and a CNBC contributor, said the market sentiment was most important for bitcoin prices. "This upgrade is needed because more applications can be built on top of bitcoin and more value can be added to bitcoin," he said. Kelly manages a fund focusing on digital currencies.

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