The price of one bitcoin on several exchanges reached more than $9,700, a new high, on Monday morning, marking a 15 percent rise in the price since Friday.
The total value of the 16.7 million bitcoin units in circulation has now smashed through $160 billion, which puts its market capitalization higher than IBM’s, McDonald’s, or Disney’s. Despite the sustained price rise for the last 12 months, however, multiple experts still believe bitcoin is nothing more than a bubble ready to burst.
At $160 billion, Bitcoin’s market cap just passed GE’s.
Yes, that GE:Founded in 1892Once the largest company in the world295,000 employees
— Charlie Bilello (@charliebilello) November 27, 2017
The Chicago Mercantile Exchange’s (CME) decision in October to launch bitcoin futures in December gave bitcoin legitimacy as a tradeable asset, which analysts believe has helped accelerate the price spike. The digital currency is up 50 percent since the announcement…