Well it seems like nothing can stop Bitcoin as it hit a record high today climbing past $5,100. It gained almost 7% over the past 24 hours with a market cap of over $85 billion. The last time it surpassed $5,000 on some exchanges was at the very start of September. So does anyone fancy living on an island in the South Pacific? Vanuatu wants to be part of the cryptocurrency world and is offering bitcoin owners the opportunity to buy citizenship for 44 bitcoin. Citizenship allows visa-free travel to 113 other countries. James Harris, Managing Director of the Vanuatu Information Centre Network said, that “there remains some suspicion surrounding the use of crypto-currency in financial transactions, and some fears that it can be related to undesirable activities. In fact, the opposite is true, as crypto-currency exists in a fully traceable ledger where the entire history of its creation and trading is visible. Therefore, our pioneering of the use of Bitcoin payment is a further strengthening of AML processes, and at the same time provides enormous flexibility in a world where international financial transactions have become ever more difficult”.
Let’s see what Wall Street’s chiefs are saying about the cryptocurrency world. UBS Chief Executive Officer Sergio Ermotti this week said on Bloomberg that high network individuals are more curious than willing to invest. He added that “Existing currencies may become more of a cryptocurrency.” JPMorgan CEO Jamie Dimon believes bitcoin is a fraud, but of course not every Wall Street bank CEO is bearish on bitcoin. Morgan Stanley’s CEO James Gorman thinks it is very interesting because of what it says to the central banking system about controlling that [privacy].”
Investors are keeping a close eye on Ethereum ahead of the upcoming Byzantium hard fork, the first phase of the Metropolis stage of Ethereum, which is expected to take place over the next few days. The price of Ethereum has been pretty stuck, most of the time staying well below $400. Only on September 1st we saw it head closer to this level when it surpassed $380. So it will be interesting to see if we will see any dramatic change in the price over the next few days. Thanks for watching and see you later.