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Attendants pose with a bitcoin sign during the opening of Hong Kong’s first bitcoin retail store.
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Reuters/Bobby Yip

Bitcoin‘s forray into record territory continued on Tuesday as the cryptocurrency reached nearly $3,500 a coin. Early buying propelled bitcoin to a high of $3,486 before sellers managed to push it down to its current level of $3,435, up 1.34%.

Bitcoin survived the August 1 “fork” that split it in two, seeing only minimal losses when some were predicting a doomsday scenario. Selling on that day dropped bitcoin to a low of $2,643. It has rallied about 30% since its August 1 bottom.

As for how high bitcoin can go, back in late-July, Sheba Jafari, the head of technical strategy at Goldman Sachs said the cryptocurrency had the “scope to reach 3,691.” Jafari has been spot on with her bitcoin call, earlier predicting a big drop was coming.

Over the long-term, Dennis Porto, a bitcoin investor and Harvard academic, told Business Insider he has noticed that bitcoin’s price is following Moore’s Law, a first for a technology’s price, and said he believes bitcoin could reach $100,000 as long as that continues.

“This poses a unique opportunity for investors: Whereas it was difficult to invest in circuits or internet speeds, it is easy to buy a bitcoin,” Porto told Business Insider.

Bitcoin

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Markets Insider



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Business News

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