Some regions including China demonstrated a meteoric increase in demand towards bitcoin, with bitcoin price surpassing the 30,000 Chinese yuan for the first time in history, which is equivalent to $4,495.
In previous coverages, Cryptocoinsnews noted that many analysts from prominent financial institutions including Goldman Sachs and JPMorgan believe institutional and retail investors are shifting away from stocks and gold to bitcoin. Wall Street strategist Tom Lee said on CNBC that bitcoin will likely become the best performing asset and currency by the end of 2017. With the recent rise in bitcoin price, the prediction of Lee has become more realistic, as even with a 50 percent decline in value, bitcoin will still remain as the best performing asset in a yearly basis.
Earlier this morning, Morgan Stanley, the $89 billion investment banking company which manages over $1.3 trillion in assets, explained that an increasing number of investors, professional traders and portfolio managers have started to prefer bitcoin over gold for various reasons. As a start, despite being considered as a safe haven asset and long-term investment, as a digital currency, bitcoin is highly portable and liquid.
