2017 has been a massive year for all of the cryptocurrency industry, no less for Bitcoin. The biggest and oldest cryptocurrency among them all has reached yet another milestone despite facing unprecedented challenges through the year.
The alpha digital coin rose to $5209 per Bitcoin as at 12:35 local time in London October 12th, compared to its modest price of a little more than a thousand dollars last December. Bitcoin has had a phenomenal year, despite attacks on the industry from governments like China and South Korea, the hunger for digital currency shows no sign of abating.
A 440% surge in less than a year is a healthy return for any tradable commodity, but the new climax for Bitcoin has also resurrected the age old debate between industry watchers whether this is a bubble that waiting to burst. While blockchain entrepreneurs point out that the industry has seen itself through such ominous predictions before without any long-term damage and so it is an industry that is here to stay. While experts such as Kenneth Rogoff, an economics professor at Harvard is of the view that whether the industry is a bubble or not all depends on what form of regulations begin to emerge on the cryptocurrency industry which is now worth almost $200 billion.
Just a few days ago, an SEC advisory committee began its wok on a total look at the blockchain industry and the cryptocurrency market as a whole with a view to formulate appropriate guidelines and legislation. ICOs have raised billions of dollars this year in a fit of frenzy, and the survival of the industry now largely depend on its ability to clear itself of the suspicion that it is a get rich quick means for scammers. All of the negative response the industry seems to getting from governments stems from fraudulent ICOs that cheat subscribers out of their funds.