The Satoshi Revolution – Chapter 3: Bad News: Government Takes Cryptocurrency Seriously (Part2)

The Satoshi Revolution: A Revolution of Rising Expectations.

Section 1 : The Trusted Third Party ProblemBITCOIN MARKETING P - 7
Chapter 3: Trying to Undo Satoshi
by Wendy McElroy

Bad News: Government Takes Cryptocurrency Seriously (Chapter 3, Part 2)

A dangerous legal cloud on the horizon has edged closer. On Tuesday, November 28, Senate Bill 1241 was heard by the U.S. Congressional Committee on the Judiciary. Whether or not the bill passes, it expresses the direction of government’s increasingly aggressive interest in cryptocurrency.

Section 13 of the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” seeks to amend 31 U.S. Code § 5312, which addresses definitions and their application. Specifically, the revision would include “digital currencies” as “monetary instruments” and “any digital exchanger or tumbler of digital currency” as a “financial institution.” The other sections become relevant because the redefinition of digital currencies makes them fall under their jurisdiction.

Some people will cheer because they believe regulation indicates that crypto is going “mainstream.” Others shrug because, in the final analysis, they believe the likes of bitcoin cannot be controlled by authorities. They are probably correct…in the final analysis. In the short term, however, lives can be destroyed. And we all live in the short term.

The prudent approach is neither applause nor dismissal. It is preparation. Because the government is coming, and it wants your money.

The simplest solution is avoid the United States. Often, that solution is not workable. For one thing, governments everywhere are trying to ban, to own or otherwise to control crypto. Government is determined to retain its status as the trusted third party in the issuance and regulation of money. “Going mainstream” makes using cryptocurrency far more dangerous for those who value privacy and freedom.

What is S1241?

The “Combating Money Laundering, Terrorist Financing and Counterfeiting Act” is an anti-money laundering law that federally regulates cryptocurrency. Many client-friendly exchanges and other crypto-businesses have already fled the U.S. due to the hostility or the power-grabs of federal agencies, such as the Securities and Exchange Commission. S1241 can be viewed as a template for how government intends to proceed.

$10,000 US is the key. It is the amount in cash or monetary instruments that must be declared at the U.S. border. It also triggers U.S. financial institutions to fill out a currency transaction report that can cause government to freeze or confiscate accounts, whether or not there is evidence of criminal activity.

S1241 is a drastic expansion of the $10,000 trigger. Government gets a powerful opening wedge to tax, to confiscate and to claim authority over cryptocurrency. When does government ever stop at an opening wedge?

But, first, a sidenote. The bill is also covert. An alert bitcoiner noticed that the Senate Judiciary meeting was listed on the official webpage as 10 a.m. on the 28th but it was only added to the Hearing page at 6 p.m. the evening before; this effectively precluded media coverage, protests, and rebuttal testimony.

Unpacking S1241

Section 1: “Short Title, Table of Contents.”

Section 2: “Transportation or Transhipment of Blank Checks in Bearer Form.” This would amend Section 5312 of Title 31 of the United States Code. Any check entering or leaving the U.S. which is “drawn on an account containing more than $10,000” and has no dollar amount filled in would be “valued in excess of $10,000 for reporting purposes.” $10,000 is the threshhold for filing “a report with Customs and Border Protection.”

Section 3: “Increasing Penalties for Bulk Cash Smuggling.” Bulk cash smuggling means concealing $10,000 or more in currency or monetary instruments when you cross the border. Maximum punishment would increase to ten years imprisonment; fines would increase by an unspecified amount.

Section 4: “Section 1957 Violation Involving Commingled Funds and Aggregated Transactions.” Section 1957 deals with “the transfer of criminal proceeds…without the need to demonstrate” criminal intent. Two loopholes would be closed. 1) $10,000 in funds in which ‘dirty money’ have been commingled with ‘clean money’ would be considered $10,000 of dirty money. 2) A series of transactions under $10,000 that are “closely related in time, the identity of the parties, the nature of the transactions, or the manner in which they are conducted” would collectively meet the $10,000 threshold.

Section 5: “Charging Money Laundering as a Course of Conduct.” This would simplify the process of charging a person with money laundering and would “include conspiracies to violate…[the] prohibition of unlicensed money transmitting businesses as money laundering conspiracies.”

Section 6: “Illegal Money Services Businesses.” These are businesses that send “send criminal proceeds abroad” with non-registration itself being a crime; the language of current statutes would change from “unlicensed” to “illegal.” Knowledge of the need to register would be no defense. The term “money transmitting business” would be replaced with “money services business” to include “entities…such as check cashiers” that “do not transmit money.” Penalties and fines would increase.

Section 7: “Concealment Money Laundering.” This applies to “couriers or mules.” The Supreme Court found that a defendant needed to know the transportation of proceeds was designed to be clandestine and precisely why they “were so transported” in order to be guilty. This section would greatly dilute or eliminate those requirements by changing the wording of statutes.

Section 8: “Freezing Bank Accounts of Persons Arrested for the Movement of Money Across International Borders.” A 30-day hold would be instituted and could be extended “for good cause.”

Section 9: “Prohibiting Money Laundering through Hawalas, Other Informal Value Transfer Systems, and Closely Related Transactions.” This would redefine what constitutes a money laundering offense when it involves “a set of parallel or dependent transactions.” All would be considered “a single plan or arrangement.”

Section 10: “Restoring Wiretap Authority for Certain Money Laundering and Counterfeiting Offenses.” Self-explanatory.

Section 11: “Applying the International Money Laundering Statute to Tax Evasion.” Using foreign accounts to evade taxes would be money laundering.

Section 12: “Conduct in Aid of Counterfeiting.” Updated counterfeiting laws would include new technology, “materials, tools, or machinery” being used.

Section 13: “Prepaid Access Devices, Stored Value Cards, Digital Currencies, and Other Similar Instruments.” This would amend Section 5312 of Title 31 in two significant ways.

First, 5312 currently states: “(2) ‘financial institution’ means—…(B) a commercial bank or trust company.” This would be amended to insert “or any digital exchange or tumbler of digital currency.”As Coindesk observes, “the bill clarifies that any ‘issuer, redeemer or cashier’ of a ‘digital currency’ is also covered.”

Second, the summary provided by Senator Charles Grassley states, “funds stored in a digital format” would be included “within the definition of monetary instruments” making them subject to “anti-money laundering reporting requirements…where the value stored is above $10,000.”

Section 14: “Administrative Subpoenas for Money Laundering Cases.” This would expand the availability of administrative subpoenas and justify an accompanying “non-disclosure order.”

Section 15: “Obtaining Foreign Bank Records from Banks with U.S. Correspondent Accounts.” The section “would strengthen this existing investigative tool.” For example, foreign banks would be subpoenaed for records related to any “civil forfeiture action” and punished for noncompliance.

Section 16: “Danger Pay Allowance.” This would provide danger pay for a wide range of law enforcement agencies.

Section 17: “Clarification of Secret Service Authority to Investigate Money Laundering.” This would expand the Secret Service’s authority. For example, it would remove the requirement that a financial institution under investigation must be one that is “federally insured.”

Section 18: “Prohibition on Concealment of Ownership of Account.” This would make it an offense for a person “to knowingly conceal, falsify or misrepresent, from or to a financial institution” their identity or “a fact concerning the ownership or control of an account or assets held in an account.”

Section 19: “Prohibition on Concealment of Source of Assets in Monetary Transaction.” Currently, a person must be charged with an offense to be prosecuted for concealing, falsifying or misrepresenting involvement with a “primary money laundering concern” or a foreign individual of concern. This section would remove that requirement and allow the government to pursue the assets of the entity or person.

Section 20: “Rule of Construction.” This “would clarify that nothing in the legislation shall be construed to apply to the authorized law enforcement, protective, or intelligence activities of the U.S. or of a U.S. intelligence agency.”

Conclusion

The real problem with legislation is that it never remains confined within the initial annoucement of purpose. The unintended consequences are often the most powerful.

For example, S1421 establishes a new precedent, and it is not clear where it will lead. Anyone accused of tax fraud can also be accused of money laundering, even if there is nothing illegal involved. Lawyer Ballard Spahr declares,

If passed in its present form, S. 1241 ironically will take the one kind of offense which Congress has historically not allowed to form the predicate for money laundering – i.e., “garden variety” tax fraud not involving illegal proceeds – and turn things on their head. That is, transactions promoting a tax crime, so long as they involve a cross-border transaction, will be the one and only kind of transaction that can constitute a money laundering offense when the proceeds represent otherwise entirely legal funds.

Prepare.

[To be continued next week.]

Thanks to editor/novelist Peri Dwyer Worrell for proofreading assistance.

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters


Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

Advertisements

SA government is going to get caught with its pants down over bitcoin: economist

With the recent credit downgrades and fears of a deteriorating economy, South Africans are constantly on the lookout for a “Plan B” option. This is according to economist Dawie Roodt, who said that these unique factors make South Africa one of the best case studies for why Bitcoin and other cryptocurrencies are so important.

Speaking to cryptocurrency website Coin Telegraph, Roodt said that while it was not necessarily a safe haven, Bitcoin remained a definitive way of getting your money out of the country. Because the currency is also not actively regulated in the country, Roodt said it was also much more feasible than other options.

“It’s in no-man’s land. There is no proper legislation, no real rules or regulations around these private currencies,” he said.

“Most authorities globally simply do not understand this and in the case of South Africa, the politicians don’t have a clue. There are a few bureaucrats that know a little bit, like at the Reserve Bank.”

“That is traditionally an institution that is well informed, but even they are behind the curve. I don’t think the bureaucrats and politicians realise the shit-storm that is about to hit them.

“They are going to get caught with their pants down; they haven’t got a clue about the power of this technology and how it will change the way we live. SA is ideally positioned to capitalise and implement this sort of technology which will eventually put the power where it should be – and that is in the hands of the individual,” he said.


Read: Bitcoin becoming a crisis currency in world’s hotspots

Bitcoin for Beginners: How to Safeguard Your Cryptocurrency Holdings

There was once a time when a bitcoin was worth about as much as the spare change down the back of your sofa. Now, one bitcoin is worth your sofa, your armchair, and every other item of furniture in your living room. Gone are the days when maintaining military grade opsec was the preserve of bitcoin whales and the ultra-paranoid. As digital currencies soar, safeguarding your cryptocurrency is imperative, no matter how humble your holdings. Here’s how.

See also: Stay Safe By Keeping Your ‘Bitcoin Business’ to Yourself

Lock it Down and Hold it Down

Bitcoin for Beginners: How to Safeguard Your Cryptocurrency HoldingsThis post is the first in a Bitcoin for Beginners series we’ll be publishing. Even if you’ve been in the game for years though, it pays to refresh your memory and re-evaluate your security practices. The sad reality of the ultra-connected digital world we live in is that everyone’s a target: whale or minnow; celebrity or nobody. Nevertheless, there are two primary measures you can take to minimize your exposure:

Lock it down: Keep your crypto assets in a secure wallet which you possess the private keys for. That way you and you alone are responsible for what happens to your coins.

Hold it down: By all means preach the gospel of Satoshi and decentralization from the rooftops, but as we recently reiterated, keep your bitcoin holdings to yourself. Five years ago, no one would bat an eyelid at hearing you owned 100 BTC. Do that today and you risk attracting the sort of ne’er-do-wells that are lured to wealth in all its forms.

Bitcoin for Beginners: How to Safeguard Your Cryptocurrency HoldingsBefore we delve into a few security do’s and don’ts, one thing to stress is that owning and using bitcoin should be pleasurable, not panic-inducing. Take the following advice to heart, implement it, and then sleep easy.

Choose Your Wallet

There are two primary means of storing your bitcoins and other cryptocurrencies: in a wallet which you hold the private keys to, or in an exchange which holds the keys on your behalf. Hardware wallets such as Trezor and Ledger as well as mobile apps such as Bread all fall into the former category. Provided you write down your private key and seed (a 12-word recovery phrase), your coins will be safe, even if you accidentally delete the app or break the hardware wallet.

Bitcoin for Beginners: How to Safeguard Your Cryptocurrency Holdings
The Trezor bitcoin hardware wallet.

Keeping your coins in a cryptocurrency exchange or a site such as Localbitcoins, on the other hand, offers convenience, especially for day traders buying and selling cryptocurrencies. This convenience comes at the price of safety however. If the exchange was to collapse or be hacked, there is a possibility you could lose your holdings. It’s happened in the past and will happen again.

Use Strong and Unique Passwords

Passwords are used in 63% of all successful cyber attacks. Deploying passwords that are guessable, or worse still recycling the same password, will significantly increase your odds of getting owned. Don’t get lazy or take shortcuts when it comes to passwords – it’s simply not worth it. If you don’t trust your ability to recall passwords, use a password manager such as LastPass.

2FA Everything

Bitcoin for Beginners: How to Safeguard Your Cryptocurrency HoldingsMany cryptocurrency exchanges such as Bitfinex now force their customers to activate two-factor authentication, and for good reason. Your cryptocurrency wallet, your exchange account, your email account and anything else tied to your use of cryptocurrencies should be protected with 2FA. A word of warning though: this second form of authentication should not comprise cellphone SMS verification. Determined attackers can trick gullible customer service staff into porting a phone number over to a new handset and use it to bypass 2FA. Instead, use a method such as Google Authenticator or a 2FA hardware key to secure your accounts.

Don’t Click That Link

Bitcoin for Beginners: How to Safeguard Your Cryptocurrency HoldingsPhishing attacks are one of the most common ways in which accounts are compromised. Don’t click on links in emails or on social media purporting to be from wallet providers and exchanges and certainly don’t download attachments. Instead, bookmark the domain of the site to avoid the risk of clicking fake links from scammers seeking to drain your wallet and disappear into the blockchain with its contents. Studies have shown that despite being aware of the risks of clicking on suspicious email links, people routinely still do. Don’t be like most people. You’re smarter than that.

Final Reminders

Bitcoin for Beginners: How to Safeguard Your Cryptocurrency HoldingsDon’t log into your bitcoin wallet using public wifi. In fact, try not to log into anything using public wifi if you can possibly help it. In doing so, you’re exposing yourself to man in the middle attacks which could expose your passwords and other personal details. In addition, when interacting in the cryptocurrency space, consider adopting a username and email address that don’t correlate with your real-world identity, and be extremely cautious about the personal information you give out to strangers on the internet.

With one millibit – or 1/1000th of a bitcoin – now worth more than $10, every wallet, no matter how slender its BTC, is a target. Keep the extent of your bitcoin holdings to yourself, separate your real world identity from your online one, and if you’re unsure don’t click that link. The bitcoin world is filled with amazing people, but like any high value commodity, it also attracts thieves, scoundrels, and scavengers. Protect your assets, up your opsec, and then kick back and enjoy the ride.

What security tips would you give to bitcoin newcomers? Let us know in the comments section below.


Images courtesy of Shutterstock, and Trezor.

LocalBitcoins Traders Charged with Fraud for Selling Bitcoin to Thief in Kenya

Josiah Wilmoth on 01/12/2017
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.

Three Kenyan peer-to-peer bitcoin brokers have been charged with banking fraud in connection with trades they made through the LocalBitcoins trading platform. The case could set a troubling precedent for bitcoin traders in Kenya.

As reported by regional media outlet Kenyan Wall Street, 10.2 million KEH (approximately $100,000) was stolen from I&M Bank and a Safaricom Pay Bill account. Local police were able to track the stolen funds to multiple bank accounts, including those belonging to bitcoin traders Emma Kariuki, Stanley Mumo, and  Timothy Gachehe.

The three individuals have been charged with conspiracy to commit a felony, although — apparently — their only connection to the crime was selling bitcoins to the individual who was attempting to launder the funds. That person was “BADASS20,” a pseudonymous individual who used the stolen funds to buy bitcoins through peer-to-peer bitcoin trading platform LocalBitcoins.

The traders deny that they had any knowledge that they were inadvertently helping BADASS20 launder the stolen money, and their LocalBitcoins chat history appears to confirm their protests.

Nevertheless, Kenya’s Banking Fraud Investigation Unit (BFIU) froze the traders’ bank accounts, and the three individuals were arrested and then released on bail. They will make their first court appearance in December in advance of a full hearing in January.

Oddly, BADASS20 has not been identified or arrested, even though wire transfers revealed his or her bank account. Moreover, his or her LocalBitcoins profile was still active at the time of writing, although he or she has not logged into the account for approximately one week. Recognizing that the account was still active, other users have given the account negative feedback and have left reviews warning other users not to trade with this account.

There are still many unanswered questions which will hopefully be answered at the upcoming hearing, but it’s clear that this case could set a troubling precedent for bitcoin traders in Kenya. In 2015, the central bank issued a public notice (PDF) warning residents to “desist from transacting in Bitcoin and similar products”.

Nevertheless, peer-to-peer trading platforms have flourished within the country. But if this case continues on its present course and the government prosecutes these bitcoin traders for bank fraud  — even though they were unaware of the theft and their only connection to the perpetrator was through LocalBitcoins — it could have a chilling effect on the domestic cryptocurrency industry.

Featured image from Shutterstock.

Posted by Josiah Wilmoth

Josiah is a former ancient and medieval literature teacher. He has been writing about cryptocurrency since 2014, and his work has been cited in Business Insider, NPR, and Yahoo! Finance. He lives in rural North Carolina with his wife and son. Email him directly at josiah.wilmoth(at)cryptocoinsnews.com.

Botswana Gets First Bitcoin ATM at CoinFest Africa

Botswana’s first Bitcoin ATM, a Skyhook model, has landed in the country. Originally owned by the Taurus Bitcoin Exchange, its relatively-long processing time was considered untenable in the saturated Canadian market. Its small size and extreme affordability, however, made it perfect for donating to send to Africa.

It’s headed to Satoshi Center in Gaborone, a cryptocurrency incubator soon to be established. The tech team there–eager to get their hands on relatively-expensive technology–will retrofit it to accept South African rands (commonly resorted to in the region) until the Botswana pula can be added.

The Skyhook machine is open source, so when firmware for their local currency is created, it will be easy to install. The only major downside is that the Skyhook machine is 1-way, capable of selling but not purchasing bitcoins.

The Skyhook is not the first Bitcoin ATM in Africa. The titles of first and second go to Johannesburg and Cape Town, respectively. Their Lamassu models reside in fairly developed areas, but that’s not as helpful to the unbanked, who largely reside in the African interior.

Getting a Bitcoin ATM there is expensive and difficult. “Botswana doesn’t have the technical infrastructure for us to track the package there,” Keirnan Wright was told when he shipped the Skyhook from Vancouver city, BC.  “Once it arrives, all you can do is pray.”

This feat has been made possible with the help of multiple parties. Various members of the Bitcoin Co-opdonated generously, and the general Bitcoin community has been very supportive of ongoing related efforts. Some companies, like ASICSPACE, have given multiple bitcoins to the cause.

The ATM in Gaborone will be unveiled at CoinFest Africa, which came about due to Africa’s inability to participate in CoinFest 2015 because of shipping delays. Ghana decided to delay, as well, and the announced spurred other organizers to join the movement. It now includes 4 events in 3 countries!

It has long been a tradition to install Bitcoin ATMs at CoinFest. The first CoinFest event was held at the Waves Coffee House in Vancouver, where the world’s first Bitcoin ATM was placed by CoinTrader. Manitoba’s first Bitcoin ATM was installed in Winnipeg during CoinFest 2014, and CoinFest 2015 had ATM demos all over the world.

Now they’re hoping to bring that same energy to Africa. A Meet Up will be held in Vancouver in solidarity, at which global planning and further development of the DAO will occur. Elsewhere in Africa outside of Botswana, there will be Meet Ups, workshops, presentations and give-aways.

All of this is just in time for a continent struggling with hyperinflation and poverty, and little access to the traditional financial system. Lack of finances and infrastructure are huge obstacles, but with most Africans already familiar with mobile money, their transition to Bitcoin seems inevitable. Hopefully it brings the change they need.

 

How to Buy Bitcoin When You’re Underage

There’s no such thing as a legal age to buy bitcoin. If you’re old enough to appreciate it, you should be old enough to buy it. In practice though, most exchanges mandate a minimum age of 18, in keeping with KYC requirements. It doesn’t matter how clearly you’ve scanned your documents and signed your name: if you’re underage, you’re not getting in. How, then, can minors buy bitcoin without breaking the law?

See also: 12.6M Viewers Will Hear About Bitcoin Watching The Big Bang Theory

New Kids on the Blockchain

how to buy bitcoin when you're underagerecent survey found millennials to have a greater interest in cryptocurrency than any other age group. If 18-year-olds are big on bitcoin, it stands to reason that their younger tech-savvy siblings will be just as curious. Many well-known bitcoiners got into cryptocurrencies at 16 or younger and have been hooked ever since. Some of bitcoin’s earliest miners were quite literally minors. Coinbase used to permit under-18s to buy bitcoin in fact but have since debarred them from signing up. In bitcoin’s nascent years, regulation was laxer and, with the aid of an accommodating relative, getting money into an exchange was relatively easy.

That option still exists in some places today, but what about teens who are old enough to live alone but not old enough to buy bitcoin? Or minors whose family unit is incapable or unwilling to facilitate their request? That’s when underagers who are intent on buying cryptocurrency are forced to take matters into their own hands.

Underage and Overeducated

Teenagers eager to buy bitcoin have a number of options at their disposal. The ‘legality’ of each method is subject to interpretation, but from a technical perspective, the following are at least viable:

eBay: It’s not just sneakers and bumper stickers that can be picked up on eBay – sellers will also furnish you with bitcoin. Using eBay and/or Paypal to buy small amounts of bitcoin is easily done but you will pay dearly for the privilege and are urged to check seller ratings before parting with cash.

How to Buy Bitcoin When You’re Underage
Bitcoin listings on eBay.

Bitcoin ATM: In theory, ATMs are the perfect way for under-18s to buy cryptocurrency. In practice, they’re few and far between in most countries. Unless you happen to live in the heart of Tokyo, brace yourself for an epic trek.

How to Buy Bitcoin When You’re UnderageLocalbitcoins: Technically, the same rules that govern cryptocurrency exchanges also apply to sites like Localbitcoins.com. Basic verification is easily achievable however, and once complete you’re free to buy and sell P2P, transferring funds directly from your bank account. It’s also possible to meet local sellers in person and buy bitcoin with cash, but caution is advised, especially when purchasing for the first time. Buyers should be accompanied by an adult.

P2P exchanges: Aside from Localbitcoins, there are sites such as Solidi in the UK whose terms and conditions advise that “Persons under the age of 18 wishing to trade must contact us first”. Under 16s in particular will only be granted low purchase limits, though the exchange has suggested that minors get a parent or guardian to set up an account in their name. Bitcoinprijzen in the Netherlands is another site where under 18s seem able to purchase cryptocurrency using iDEAL.

Local cryptocurrency groups: Look on Facebook or Twitter and you’ll probably find crypto meetups in your area. The organizers of these groups are keen to encourage bitcoin adoption and may be happy to help. As always, exercise caution when meeting and trading with someone for the first time and don’t hand over a penny until you can see the transaction on the blockchain.

How to Buy Bitcoin When You’re Underage

Some teens determined to get their hands on bitcoin have gotten creative, purchasing Amazon gift cards and swapping them on sites such as Paxful. Other options include earning bitcoin online and asking for it as a gift from friends and relatives.

Should Minors Be Buying Bitcoin?

How to Buy Bitcoin When You’re UnderageAdults with a keen interest in bitcoin need little encouragement to preach the decentralized gospel to their kids. The chances of growing up in a cryptocurrency “house-hodl” and not being exposed to bitcoin are slim to non-existent. Teaching the next generation about cryptocurrency’s potential, though, should also include a word of warning about its risks, both in terms of volatility and security.

Regardless of what the law says, under-18s who are determined to buy cryptocurrency will find a way. Compared to some of the vices that teens could be spending their money on, bitcoin seems utterly benign.

Do you think under-18s should be allowed to buy bitcoin? Let us know in the comments section below.


Images courtesy of Shutterstock, Redbubble, and eBay.


Disclaimer: Bitcoin.com does not endorse nor support these products/services.

Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

$10,000: Bitcoin Passes the Historic Milestone

Samburaj Das on 29/11/2017
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.

Bitcoin price is now firmly trading above the significant figure of $10,000 after hitting the milestone for the first time in its nine-year history today.

As bitcoin’s rally continues in its upward trajectory, the momentum shows few signs of abating after trading value crossed $10,000 in the early hours of Wednesday (UTC). The world’s first cryptocurrency rang the $10,000 bell near 01:30 UTC with trading across multiple USD exchanges including Coinbase and Gemini showing traded spot value above the milestone figure.

Not content with the historic high, a trading frenzy continued to push the cryptocurrency’s value even higher to register a new all-time high of $10,913 (Coinbase).

The cryptocurrency, now firmly in the mainstream as a store-of-value for investors, rose above $9,000 for the first time this weekend. The leap to hit above $10,000 earlier today represents the fastest 1000-point gain for bitcoin, in under 4 days.

Since the turn of the year, bitcoin is now up nearly 1,000 percent. Those aggressive gains have propelled its market capitalization above a $180 billion. Dropped into the M1 (liquid money supply) metric, bitcoin would now rank at #25 on the global list, above the likes of Brazil, Singapore and the UAE.

At press time, bitcoin is trading near $10,600.

Featured image from Shutterstock.