Shane Chanel, equities and derivatives adviser at ASR Wealth, said $US10,000 was “just another milestone” and there was still the possibility of it going much higher, particularly if a planned bitcoin futures exchange by Chicago-based CME Group, which would allow investors to bet on the rise or fall of the digital currency, gets the go-ahead.

“That will really centralise it [and] be able to provide a platform where people can trade great volumes, and probably take a lot of volatility out,” he said.

“With the largest futures exchanges taking it up, other exchanges will be scared of missing out. That’s also what we’re seeing with a lot of investors and traders, FOMO is coming through.

“As long as CME does get approval, that will be a big catalyst to smash it right above $US10,000 — $US14,000 to $US15,000 seems possible by the end of next year.”

Read the full article.

November 28, 2017