The digital currency has shot above the $14,000 US level for the first time on Wednesday, a gain of $2,000 in less 24 hours.
It hit the major milestone of $10,000 last week after starting the year below $1,000, and its value has increased more than 1,500 percent 12 months alone.
It had already zipped past $12,000 and $13,000 in the past 24 hours before popping above $14,000 on Thursday in Asia.
It’s also gotten a big lift from mom-and-pop investors in countries like South Korea and Japan who don’t want to miss out on the prospect of further big gains.
We are in the throes of a bubble market, and one of the characteristics of a bubble market is that there is no way to know when the bubble will burst,” said Mick McCarthy, CMC Markets’ chief market strategist.
Digital currency investor and former Fortress hedge fund manager Michael Novogratz said bitcoin is going to be the biggest bubble in our lifetime.
It is to be noted that even after several serious warning from economists and investors, the currency got new legitimacy this week when U.S. regulators permitted various exchanges to start trading in bitcoin derivatives — securities that will allow investors to bet on or against the value of bitcoin without owning it themselves.
“There is a lot of money flowing into bitcoin right now, mostly motivated by ‘fear of missing out’ and greed,” said Leonhard Weese, president of the Bitcoin Association of Hong Kong.
BitFlyer COO Bartek Ringwelski said the company is getting lots messages of interest from Big institution to gain exposure to bitcoin.
“While we launched [in the U.S.] just a week ago, bitFlyer has already seen strong interest from institutions looking to gain exposure to bitcoin. We’re glad to have expanded to the US at this time with so much interest due to the impending Bitcoin futures launches,” — he said.
Novogratz , the Digital currency investor also said that bitcoin could reach $40,000 by the end of 2018.