Bitcoin Price Returns to $10,000+

For the first time in more than a year, the price of a single Bitcoin is now higher than $10,000. While that’s nearly half of its all-time high, it’s more than double where it was late last year and into early this year. So could the world’s largest cryptocurrency be making a comeback?

At the time of this post, Bitcoin is trading for more than $11,000. Bitcoin’s return to the $10k mark comes as interest in cryptocurrencies continues to grow. Most notably, last week Facebook unveiled plans for Libra — a stablecoin that’s being embraced by multiple partners, including Uber, eBay, and others. Speaking to CNBC, Susquehanna digital asset group head Bart Smith said of Libra’s influence on Bitcoin’s pricing, “It’s clearly a positive for Bitcoin. If 2 billion users are on Facebook, some percentage of them start to kind of look at Libra and try to understand how it is different and similar to Bitcoin — that is a positive.”

While it seems that the hype around Libra may be boosting Bitcoin now, the question is whether that will be the case once the coin actually launches. Given the large backing and comparative practicality of Libra, it’s very possible that the mainstream attention that Bitcoin enjoyed will soon turn elsewhere. However, to that point, VP of product for Facebook’s Calibra — the planned wallet for Libra — David Marcus said in a tweet, “Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.”

Of course, speaking on investment, the trajectory of Bitcoin has been famously rocky. After reaching nearly $20,000 in late 2017, the value of the coin has dipped to almost $3,000. As Newton Investment Management global equity portfolio manager Paul Markham noted to CNN Business, “The appeal of bitcoin is still too limited for the average investor. It’s very risky and the volatility has been extreme.”

With Bitcoin now back over $10,000 the question becomes what is the next milestone? Obviously the previous high of $20,000 is one target, while others are holding out hope that the asset could eventually reach $100k. In any case, hopefully Bitcoin can sustain this latest rise and hold onto it well beyond Libra’s debut.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Amex Launches Digital B2B Payments Platform Business Link

For consumers, these days, there's no shortage of peer-to-peer apps they can use to move money, with some popular examples including Cash App, Venmo, and Zelle. As for businesses, the list of options for sending money to vendors may be more limited. Now, a well-known credit card company and small business supporter is introducing a new platform for this purpose. This week, American Express announced the launch of Amex Business...

Carbon Credit API Cloverly Joins Visa's FinTech Partner Connect 

Last year, Visa introduced the FinTech Partner Connect program to the United States, with the goal of introducing institutions to vetted startups that could help them expand their product offerings. Now, the latest company to join the program is Cloverly. Founded in 2019, Cloverly is an API for carbon credits, allowing businesses and consumers to help fight climate change. As the company points out, with the Visa partnership, Visa clients...

Prosper Announces $75 Million Growth Capital Financing

A long-admired FinTech has added some new capital to its coffers and it continues to grow after more than 15 years in business. Recently, Prosper Marketplace announced that it had closed a $75 million debt financing round. This capital came from a fund managed by Neuberger Bergman and will be used to help Prosper meet the demand for its loans, credit card, investment products, and more. According to the company,...