Bitcoin surges to record above $2,500, bringing 2017 gain to more than 150%

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Bitcoin surges to record above $2,500, bringing 2017 gain to more than 150%

05-24-2017, 02:44 PM

Is the Bitcoin surge a sign to buy gold? Monday, 22 May 2017 | 5:53 PM ET | 03:09
Bitcoin jumped to a record Wednesday after a late Tuesday announcement from the Digital Currency Group alleviated worries about a fractious debate among cryptocurrency investors and technological developers.

Fifty-six companies around the world and 83 percent of bitcoin miners supported the "Bitcoin Scaling Agreement," according to the Digital Currency Group.

Brian Kelly, CEO of BKCM and a CNBC contributor, said the market sentiment was most important for bitcoin prices. "This upgrade is needed because more applications can be built on top of bitcoin and more value can be added to bitcoin," he said. Kelly manages a fund focusing on digital currencies.

Bitcoin rose more than 9.5 percent to an all-time high of $2,515.40, according to CoinDesk. The latest move marks a more than $500 gain since Saturday, when the digital currency first topped $2,000.

The momentum behind bitcoin is growing far faster than traditional global investments.

The digital currency is gaining more attention in the U.S., especially from high-profile institutional investors.

Jeffrey Gundlach, CEO of DoubleLine Capital, tweeted Tuesday that there could be a connection between bitcoin's surge this year and the drop in the Shanghai composite stock index. The theory is that Chinese looking for investments outside of a weakening yuan have turned to the digital currency.

Chinese yuan-denominated trade volume in bitcoin shrank in the last few months after Beijing began investigating the digital currency exchanges, while the local stock market came under increased regulation. But the Shanghai composite, down 0.4 percent year to date, isn't the only global asset that's fallen while bitcoin has more than doubled in price.

Kelly and other analysts expect bitcoin can one day replace traditional safety investments such as gold.

Digital currency enthusiasts also see great value in the blockchain technology that supports bitcoin and other cryptocurrencies like ethereum. Some see ethereum as a potential structure for a decentralized, next-generation internet.

Also known as ether, the bitcoin rival has run more than 2,300 percent higher this year. Bitcoin itself has gained more than 150 percent over that time.

"That's what people are starting to realize. It was digital gold," Kelly said. Now, "it's more than digital gold."
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Bitcoin surges to record above $2,500, bringing 2017 gain to more than 150%

Bitcoin surges to record above $2,500, bringing 2017 gain to more than 150%