Bitcoin rockets through R150,000

Bitcoin has reached another all-time high, breaking through the $9,000 mark on international exchanges and R150,000 on Luno.

The price of Bitcoin has continued to climb despite the calling off of a switch to SegWit2x.

SegWit2x would have been the culmination of a compromise that was set in motion earlier this year, through “The New York Agreement” and a document called BIP91 (Bitcoin improvement proposal 91).

Despite the consensus achieved through BIP91, increasing Bitcoin’s block size remained a controversial change – and it has since been suspended due to a lack of buy-in from many Bitcoin players.

Bitcoin has seen huge growth since the start of 2017, with the token trading at around R12,000 at the beginning of the year.

The price rise has been driven, in part, by news of increased Bitcoin adoption globally.

Cointelegraph linked the recent surge to adoption from hedge funds and a report that the Chicago Board Options Exchange released its Bitcoin derivative contract specifications in late November.

A product based on the specifications is expected to be introduced to the market in the coming weeks.

A graph of the growth in the price of Bitcoin over the past year on Luno is shown below.

Bitcoin price Luno November16-17

Now read: Bitcoin wasn’t the only investment that would have doubled your money in 2017

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Bitcoin rockets through R150,000