Goldman Sachs Group Inc. (NYSE: GS) admitted that institutional investors can no longer turn a blind eye to the $120 billion cryptocurrency market, Bloomberg reported on Wednesday.
“Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching,” analysts including Robert Boroujerdi and Jessica Binder Graham wrote in a ‘Questions and Answers Memo’ sent out to their clients.
Indeed, the track-record of this crypto-currency is really fascinating: it has just hit a new high of more than $3,300, after having jumped 50% up in one month, 200% in six months and 30,000% in five years.
Another financial analyst Max Keiser predicted that Bitcoin (Bitcoin) price will “cruise through” $5,000 in the nearest future, Insider.Pro reported.
Bitcoins are really worth taking a closer look at. They have attributes of a currency, as they’re presented and trusted by some medium of exchange, and of a commodity, since they are a limited resource. The IRS treats virtual currency as property.
According to Coin Schedule, only this year Initial Coin Offerings (ICOs) — fundraisers through token sales — have raised $1.25 billion, outpacing global angel and seed stage Internet venture capital funding in recent months.