Backing from CME sees Bitcoin rise to record $7000

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The digital currency slammed a new record-again-this week, rising to $7,351.46 on Thursday.

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Some 17% of survey respondents said they plan on investing in bitcoin in the future, while roughly the same number-slightly more than 18%-plan to invest in ether, the token that grants access to the Ethereum network, which powers the smart contracts that have enabled the launch of hundreds of new digital tokens this year. CME Group's decision to offer bitcoin futures - allowing investors to bet on the price of the cryptocurrency rising or falling by a certain date - on Tuesday sparked its jump from around $6,100 a coin to its current levels above $7,000.

The cryptocurrency soared past $7,000 for the first time, just a month after crossing the $5,000 mark.

According to the newspaper, participants in India's bitcoin market expressed their disappointment as they were hoping for some form of a legislation to regulate the activities of local exchanges. A government panel has reportedly recommended shutting down cryptocurrency dealers operating in the country to put an end to use of cryptocurrencies such as Bitcoin.

The contract is planned to be cash-settled and be based on the CME CF Bitcoin Reference Rate (BRR), which the company started in November 2016 with London-based digital trading platform Crypto Facilities.

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"If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market". The concern of true believers is that absorbing bitcoin into the global financial system would destroy its value.

What are your thoughts on the recent price surge of Bitcoin?

These are just a few and widely varying, examples of where the bitcoin's value could head to in the next decade. Speaking at a Consensus 2017 conference in NY in May, his speech included a prediction that bitcoin's value would rise to $1 million within the next 10 years.

It is evident that there is a growing demand for the world's leading cryptocurrency.

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