The current price at the time of press stands at 11,300 on digital currency news platform CoinDesk .
The milestone was hit on international exchanges earlier in the day (where prices are normally a few percent higher) and was just crossed on U.S exchanges like Coinbase and Gemini a few minutes ago.
This comes two days after bitcoin hit $10k, and eight days after it crossed $9k.
Cunliffe said: “I would just say investors kind of need to do their homework”.
He said he did not think British households were planning to embark on a “debt-fuelled binge” on Bitcoin, but added that fast rates of consumer credit growth needed to be watched. Bitcoin smashed the new historic level at 5:34 GMT, according to CoinMarketCap. The move came after exchanges in South Korea saw trading above the $10,000 threshold just 12 hours earlier on Tuesday. Former hedge fund manager Michael Novogratz, who predicted the current high, thinks bitcoin could reach $40,000 in the next 13 months.
No one knows. Even the most passionate cryptocurrency believers admit that we’re very likely in a bubble, and that some type of correction will happen. Of course no one knows if this will be a 20% or 2,000% correction, or if it will even happen at all. But don’t be surprised if it eventually happens on some scale.
But despite the fact most of us can’t open Twitter or turn on CNBC without hearing about bitcoin, it’s adoption is still relatively small. Many Americans still have no idea what a bitcoin is, what it does or how to purchase one. The same goes for Wall Street, and even though there have been over 100 cryptocurrency-focused hedge funds opened in the last year many institutional investors still haven’t take a stake in bitcoin.
So this could just be the beginning. Or the end. Either way, this milestone is a perfect time to step back and look just how crazy the last year has been in the world of cryptocurrencies.
