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Bitcoin crosses record high of $10,000 milestone

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KATHMANDU — The virtual cryptocurrency Bitcoin has reached the record high of $10,000 on Wednesday to surpass its previous high records of $9,000.

On Wednesday, Bitcoin was trading at $10,899.99 apiece trading across multiple USD exchanges including Coinbase and Gemini showing traded spot value above the milestone figure. The total value of all the bitcoins in existence has now surpassed $167bn.

According to the Coindesk Bitcoin Price Index, the market cap for the virtual currency also reached a historic high of $168 billion.

Biycoin has increased more than tenfold in value so far this year, posting the largest gain of all asset classes, amid increased institutional demand for crypto-currencies as financial and mainstream use.

Between January 1 and now, Bitcoin valuation has seen a near tenfold rise in from $997.69 to its current value. In November alone, Bitcoin valuation rose by over $3,550.

Created in 2009, bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds outside of a traditional centralised payment system.

But sceptics say it a classic speculative bubble with no relation to real financial market activity or the economy, most famously JPMorgan boss Jamie Dimon who labelled it a fraud.

As per some experts, the asset still has far to soar, but others say it represents a speculative bubble with nothing tangible at its core that could burst any time.

Bitcoin was established as a legitimate asset class when Japan legalized it as legal tender.

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Int’l conference on entrepreneurship to be held in Dhangadhi

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KAILALI— An international conference on entrepreneurship is being held in Dhangadhi on November 22, 23 and 24 for the promotion of entrepreneurship.

The conference is being organized under the aegis of the Dhangadi Sub-metropolitan City and King’s College, Kathmandu, the Sub-metropolis mayor Nripa Bahadur Wad shared in a news conference here today.

Successful entrepreneurs from various countries and local industrialists will give their presentations in the three-day meet.

Chief of the Research Department at the King’s College Kathmandu, Chittaranjan Pandeya, said such a big and important conference is taking place for the first time outside the Kathmandu.

It is stated that the conference cost is approximately Rs 2.5 million.

Some 200 people will attend the conference which will also include stalls providing information on a range of issues regarding entrepreneurship and entrepreneurial skills.

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