NEW YORK, August 18, 2017 : Bitcoin hit a record high above USD 4,500 yesterday and now putting the market capitalization over USD 73 billion according to CoinDesk. William Mougayar, the Founder of Startup Management, explained to Fortune that increased interest from Korean and Japanese exchanges are increasing the value of the cryptocurrency.
"Another part of it is driven by the psychology of markets, as $USD 5,000 seems to be within reach, now that the $4,000 level has been easily broken," Mougayar said.
The capitalization of Bitcoin is currently higher than some S&P 500 stocks, such as Netflix and PayPal. ChineseInvestors.com, Inc. (OTC: CIIX), NVIDIA Corporation (NASDAQ: NVDA), Advances Micro Devices, Inc. (NASDAQ: AMD), First Bitcoin Capital Corp (OTC: BITCF), MGT Capital Investments, Inc. (OTC: MGTI).
"PayPal was initially created with a similar vision to bitcoin - as permission less money," said Ari Paul, Chief Investment Officer of cryptocurrency investment firm BlockTower Capital, CNBC reported.
"PayPal wasn't able to fulfill that vision, but bitcoin is well on the way. Bitcoin can be used to transfer $100 million anywhere in the world in 10 minutes and for less than $2. Bitcoin rising in value above PayPal reflects its growing role as the best way to move money globally."
Find any Critical Errors? Please Report It!