>> Bitcoin has reached new heights ringing in an all time high of over $11,000 on Wednesday on some major indexes after gaining more than $1,000 in just 12 hours. At its record high, the cryptocurrency, which isn't backed by any central bank or government, jumped nearly 12 times in value since the beginning of the year.
Bitcoin's fans are likely to see the new milestone as a vindication, riding off announcements that two mainstream American financial exchanges, CME Group and the Chicago Board Options Exchange, have plans to pick it up. But it isn't likely to win over many critics who say this boom is fueled by pure speculation, a bubble similar to the dot com collapse set the turn of the millennium.
This include big institutions Credit Suisse, and JP Morgan, the latter CEO has famously called Bitcoin a fraud. There's also concern that Bitcoin's almost complete lack of regulation could have side effects on normal currencies undermining policies designed to control inflation.