>> Governments like Russia can't stop it. Wall Street smart guy, Jamie Dimon, calling it a fraud, didn't either. Not even talk of the dreaded B word, bubble, brings restraint. Bitcoin's skyrocketing in Friday breaking to a fresh rocket about $5,800 just after crossing the $5,000 milestone for the first time.
The notoriously volatile asset shaking off all negativity for one important reason says Reuters currency correspondent Gertrude Chavez-Dreyfuss.>> Investors love winner, they wanna get in on an asset class that has outperformed almost all asset classes in the market. The value of a Bitcoin surging over 500% since the start of the year.
And even more startling feat when you consider no one really can explain why it keeps going up. Reasons given for the rally ranged from hope to speculation. Hope governments will come around and start easing up on the regulations. And speculation on where the next wave of demand will come from.
Even Jamie Dimon, BitCoin's biggest Wall Street opponent is backing down. The CEO of JPMorgan Chase telling investors Thursday quote, I'm not going to talk about BitCoin anymore. Analysts don't see a significant reversal in BitCoin's fortune any time soon.>> In late September, analysts started seeing bullish signals. And people are saying that 6,000 is not so far fetched at all.
So, there is further room for this rally to go on. Aside from that, there is the structural side, where only about 20,000 people own Bitcoin. A sliver of the whole Internet population. There's so much untapped potential from the investors with access to Internet who want to get in on Bitcoin.
>> But buyers beware. History shows any time there's a large course of investors saying an asset can't go down, it ultimately does, bringing financial pain to a lot of unsuspecting novices caught on the wrong side of a trade, they were told could never happen.