>> Governments like Russia can't stop it. Wall Street smart guy Jamie Diamon calling it a fraud didn't either. Not even talk of the dreaded b word, bubble, brings restraint. Bitcoin skyrocketing Thursday, soaring above $5,000 for the first time ever. And going even further to a record $5,300. The notoriously volatile asset checking off all negativity for one important reason, says Reuters currency correspondent, Gertrude Chavez-Dreyfuss.
>> Investors love a winner. They wanna get in on an asset class that has outperformed almost all asset classes in the market.>> An even more startling feat when you consider no one really can explain why the most famous digital currency keeps going up. Reasons given for the rally range 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 JP Morgan 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 anytime soon.>> Late September, they started seeing, analysts started seeing bullish signals, and people are saying, analysts are saying that 6,000 is not so far-fetched at all. So there's a lot, there's further room for this rally to go on.
And aside from that, there is the structural side, where only about 20,000 people own Bitcoin. That's a sliver on the whole Internet population. There's so much untapped potential from the investors to have access to Internet want to get in on Bitcoin.>> But buyers beware. History shows anytime 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.