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Thursday, June 8, 2017

Bitcoin surges 8% to record near $3,000

Bitcoin surges 8% to record near $3,000

Sean Walsh, a partner at Redwood City Ventures, which invests in bitcoin and blockchain companies, said in a note that bitcoin's price should continue rising.

"It may sound like hyperbole, but I simply cannot emphasize enough how mismatched the quantity of whole Bitcoins and the population of potential global buyers is. Bitcoin is available for purchase to 3 Billion Internet-connected adults across every country in the world," Walsh said. "We produce just 1 new Bitcoin each month for 55,000 of these people to fight over."

Brian Kelly, CEO and founder of BKCM and a CNBC contributor, echoed Walsh's comments in an email. "We are in the first years of what is likely to be a multi-year bull market. Of course there will be corrections and even crashes along the way, but bitcoin is here to stay."

In fact, the bitcoin performance has come with greater volatility. On May 25, it plunged more than $300 after skyrocketing more than 12 percent in that session.

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