Bitcoin has reached all time high of 11,000$ attracting critics from some of the prominent old style Wall-Streeters like Chase CEO Jamie Dimon, Bridgewater CEO Ray Dalio and even Vanguard founder Jack Bogle. Some call it a bubble and some call it an opportunity of the lifetime to make money.The wave of cryptocurrency has mesmerized everyone in many ways and some even pointing it to the tulip bubble.The fact that no banks nor the institution can control the flow of cryptocurrency defeats the centralized idea of banking system which is the blow to the current financial model threatening it in many ways as well. This also raises concerns for major financial models although bitcoin is a small volume compared to the entire financial systems.
However the explanation for the current raise in bitcoin price to 11,000$ is unknown which raises concerns questioning the fundamentals of current models. Its also true that money is held with handful of people around the world which has gained so much press from start of this year. The way has been parabolic from 1000$ during Jan 2017 to 11,000$ which is a sign of some kind of hype or a bubble as many call it. Believers in cryptocurrency are expecting it to go higher as demand increases over time. Even NASDAQ and CME group have put these feet into bitcoin space recently which shook many investors in the financial system.
Companies like Goldman Sacs disagree on the old style wall streeters and being modern by supporting cryptocurrencies like Bitcoin and riding the wave being smart. Some of the major companies like Microsoft, IBM and Visa has invested heavily in the blockchain space which puts a cryptocurrency at the front end of the battle. This also implies that these companies are early adaptors of blockchain which in a way also is the same platform how bitcoin relies on. Even many financial companies like Barclays, BNP Paribas, Morgan Stanley and many more are working ways to adapt the technology for their own benefit. The future of cryptocurrency is bright however who takes the front seat is not known. However the face of the blockchain – cryptocurrency battle will be Bitcoin as it goes to the history books for the current generation.