Investing.com – Bitcoin climbed past $7,000 for the first time this week, breaching another milestone less than one month after it tore through the $5,000 mark.
Gains this week have been fueled by bets the cryptocurrency could enter the financial mainstream after CME Group (NASDAQ:CME), the world’s largest derivatives exchange operator, said it would launch a futures contract for bitcoin later this year.
Just last month, Jamie Dimon, the CEO of JPMorgan Chase (NYSE:JPM), said that bitcoin was a fraud and something his bank would never touch.
But the launch of a bitcoin product by a major regulated exchange could help cryptocurrencies gain legitimacy in the financial world and represent a major step forward in mainstream adoption.
Bitcoin has been on an absolute tear in 2017, rising over 600% against the dollar so far this year, taking its market cap to around $115 billion.
To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics