There might be something even bigger than Black Friday or Cyber Monday for those spending money this holiday weekend, as cryptocurrency mania led Bitcoin prices to soar over $9,400 Sunday afternoon, as Business Insider reported.
Coinbase, a San Francisco-based cryptocurrency wallet, saw the price reach as high as $9,595.62, according to its smartphone app Sunday.
The precipitous rise over the holiday was attributed to "a spike in the userbase of the largest platform for buying and selling cryptocurrencies in the US," according to BI. Coinbase grew its user count by 100,000 to 13.1 million from Wednesday to Friday this week, CNC reported.
"The number of people opening up new accounts and buying bitcoin, even fractionally, is skyrocketing," billionaire Mark Cuban, a potential 2020 presidential candidate, told BI. "Yet the people who have it as a true store of value have no reason to sell it as long as demand continues."
Cuban added the price will continue to rise because investors are not inclined to use the Bitcoin values they have accumulated, because there are very few current ways to use it.
"They can't spend it, so they keep it," Cuban told BI . . . until "there is some systemic reason for the collectors to sell."
Bitcoin sales are conducted through popular personal "wallets" such as Coinbase or Gemini. Investors who seek exposure to the cryptocurrency can also purchase an over the counter stock by the symbol of GBTC, which is the Greyscale Investments Bitcoin Trust.
"This growth has pushed mainstream institutions to take notice and capitalize," Fortune wrote Friday. "CME Group, the world’s largest options and futures exchange owner, announced it would offer Bitcoin futures by the end of the year."
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