Bitcoin soars above US$2400 to all-time high

Just ask the WannaCry hackers who, despite infecting 200,000 computers with ransomware, were only able to fetch $50k because (unsurprisingly) most people who still use Windows XP don't know how to withdraw cryptocurrencies.

Earlier this month, Russia's largest online retailer Ulmart announced plans to accept bitcoin as a way of payment as early as next September. That has taken gains so far this month to 81%. 2017 is certainly a heady year for Bitcoin fans, but whether the crypto-currency gains widespread acceptance or ends up more like the 17th century Dutch tulip bubble, remains to be seen.

The run-up has led to increased interest in lesser-known digital currencies, like Etherium and Ripple.

Fifty-six companies around the world and 83 percent of bitcoin miners supported the "Bitcoin Scaling Agreement", according to the Digital Currency Group. The document lays out an upgrade that should increase bitcoin's transaction capacity.

Brian Kelly, CEO of BKCM and a CNBC contributor, said the market sentiment was most important for bitcoin prices.

To be sure, bitcoin is a highly volatile asset, and analysts remained cautious that the Digital Currency Group's agreement sounded the all-clear for the currency.

Regardless, the digital currency is gaining more attention in the USA, especially from high-profile institutional investors.

There could also be some Chinese connection, according to Jeffrey Gundlach, CEO of DoubleLine Capital, which manages more than $US100 billion.

According to an worldwide crypto news website, "The Japanese electronics giant OKI is launching a new "cash-recycling" ATM for emerging Asian markets to enables Bitcoin holders to withdraw local currencies from their digital wallets".

Recently launched, the Bitcoin New Gold Rush website firstly introduces users to the modern-day gold rush.

"I love this stuff - bitcoin, ethereum, blockchain technology - and what the future holds", Johnson said at a blockchain conference called Consensus in New York City. Some see ethereum as a potential structure for a decentralized, next-generation internet.

It seems as if nothing can stop bitcoin from going higher.

  • Zachary Reyes