Bitcoin surged to a fresh record Thursday as the enthusiasm for cryptocurrencies showed little sign of abating.
Bitcoin tumbled below $4,000 last month after China’s central bank banned initial coin offerings and ordered all cryptocurrency exchanges to close. Recent reports that Goldman Sachs Group Inc. is exploring how it could help its clients trade cryptocurrencies are now helping sentiment.
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The digital currency’s 440 percent surge this year has divided the financial community between those convinced it is a bubble on the verge of popping and those looking for ways to piggyback on its success. Goldman Sachs is in talks with cryptocurrency experts but hasn’t yet formulated a business plan, a timetable for implementation or made any bitcoin-related investments, a person briefed on the plan said earlier this month.
What happens from here depends a lot on how governments decide to regulate the virtual currency, Kenneth Rogoff, professor of economics and public policy at Harvard University, wrote in a column published in Project Syndicate this week. Global efforts to regulate digital money have accelerated in the past month since China’s ban.
At least 13 other countries have imposed new rules or announced plans to tighten regulations. Russian President Vladimir Putin this week called for regulation of cryptocurrencies, but stopped short of backing a broad ban.
Read More @ bloomberg
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