Bitcoin flies past $3,500 for the first time |

Categorized | Breaking News

Bitcoin flies past $3,500 for the first time

Warner Bros.

upward march into record territory continued Friday as the
cryptocurrency blew past $3,500. It’s trading up 3.9% at $3,566 a

The cryptocurrency has been on a tear this week, gaining 24%, as
investors appear more sure about its future following years of
uncertainty over how its technological underpinnings should be

On Tuesday, bitcoin’s blockchain network began its adoption of a
new software update called Segregated Witness, or SegWit.

“SegWit is a clever solution that essentially increases
transaction capacity,” according to Aaron Lasher, the chief
marketing officer of Breadwallet, a bitcoin technology company.

The software was devised years ago as a solution to the
cryptocurrency’s scaling problem, which divided bitcoin power
brokers for years and led to
a split on August 1

Investors were virtually unfazed by the split, which resulted in
the creation of a clone called bitcoin
. Selling on that day dropped bitcoin to a low of $2,643.
But it has rallied by about 34% since its August 1 bottom.

As for how high bitcoin can go, Sheba Jafari, the head of
technical strategy at Goldman Sachs, said back in late July that
the cryptocurrency had the “scope
to reach 3,691
.” Jafari has been spot on with her bitcoin
call, earlier predicting
a big drop was coming

Dennis Porto, a bitcoin investor and Harvard academic, told
Business Insider that over the long term he had noticed
bitcoin’s price was following Moore’s law
, a first for a
technology’s price, and said he thought bitcoin could reach
$100,000 by 2021 as long as that continued.

“This poses a unique opportunity for investors: Whereas it was
difficult to invest in circuits or internet speeds, it is easy to
buy a bitcoin,” Porto told Business Insider.

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