Bitcoin to hit $50,000? Million dollar bet placed on cryptocurrency surging to huge record

Bitcoin to hit $50,000? Million dollar bet placed on cryptocurrency surging to huge record GETTY Trading records from electronic market start-up company LedgerX highlight that the massive money bid was placed by one or more unidentified traders

LedgerX Chief Executive, Paul Chou, warned that regulations prevent him from identifying the bidders but suggested that a hedge fund was likely behind the gamble Mr Chou said: “Without a doubt, there are institutions out there that are looking at these types of trades or have done these types of trades “It’s not an individual, let’s put it that way” Under the terms of the agreement made between LedgerX and the betters, if Bitcoin’s value is worth more than $50,000 on December 28 2018 the owners of the bid will be given the right to buy 275 bitcoins for $50,000 each The transaction would usually cost about $13

8million (£1032million) However if Bitcoin fails to reach the target, the betters will receive nothing The cryptocurrency is currently worth $17,000 (£12million) but has seen a dramatic increase in value over the past year It is up more than 1,500 per cent from the beginning of this year after the value of a single Bitcoin has soared from $954 in January

However, despite the popularity in the online currency, there are fears that there is a market bubble that will soon burst Nicholas Gregory, CEO of the cryptocurrency business enabler, CommerceBlock, has warned: “Once Bitcoin starts to behave more in tune with traditional foreign exchange markets, peoples faith in it will only grow “However, that means it is not immune, and should not be immune, from price corrections either A significant price correction and the long term viability of bitcoin as a major alternative currency are not mutually exclusive In the past week Bitcoin’s value risked plummeting after it slumped to lower than $16,000 after a surge saw the cryptocurrency nearly hit $20,000

The online currency is still recovering from the sudden drop in value

Source: Youtube

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