Bitcoin's "craziness" has gained market recognition. Experts say $10,000 is only a matter of time

The recent news that the Chicago Mercantile Exchange (CME) plans to officially launch Bitcoin futures on December 10 has helped push Bitcoin prices to further refresh historical highs. The current Bitcoin price has stabilized above the $8,000 mark, and the market's bullish calls for Bitcoin prices are growing louder. Many experts are optimistic that Bitcoin will break the $10,000 mark in the future.

Mike Novogratz, former Fortress Investment hedge fund manager and former Goldman Sachs partner, recently launched a $500 million hedge fund, Galaxy Digital Assets Fund, to invest in cryptocurrencies. Galaxy Digital Assets Fund will be the largest fund of its kind, indicating that cryptocurrencies such as Bitcoin and Ethereum are now recognized as legal investments.

Mike Novogratz analyzed that Bitcoin's rise this year is not yet over. He described Bitcoin as digital gold and believed that Bitcoin will rise to $10,000 by the end of this year.

Mike Novogratz

In addition, Ronnie Moas, founder of Standpoint Research, also said in an interview on Monday that Bitcoin has been trending positively in the past five months, and the current price does not fully reflect the "actual value" of Bitcoin. Ronnie Moas raised the target price of Bitcoin next year from $11,000 to $14,000.

Moas also pointed out that the recent plans of the Chicago Mercantile Exchange (CME) to launch bitcoin futures and payment app Square's testing of bitcoin will further boost the market demand for bitcoin.

Ronnie Moas

A few days ago, a market insider said that JPMorgan Chase is considering whether to provide CME's new Bitcoin products to its customers through its future brokerage business. In addition, CME's competitor, the Chicago Board Options Exchange (CBOE), the largest options exchange in the United States, also plans to launch Bitcoin derivatives based on virtual currency exchange Gemini Trust data in late 2017 or early 2018.

Although the market has never stopped questioning the "value" of virtual currencies represented by Bitcoin, there are now more and more signs that the current financial market's recognition of virtual currencies has greatly increased, which is also expected to further boost the price of Bitcoin.