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Bitcoin Shoots To The Moon, Surges Past $11,000

Gold plated souvenir Bitcoin coins are arranged for a photograph in London on November 20, 2017.Gold plated souvenir Bitcoin coins are arranged for a photograph in London on November 20, 2017. Bitcoin, a type of cryptocurrency, uses peer-to-peer technology to operate with no central authority or banks. Bitcoin's recent rise and booming investor interest is forcing the regulatory and stock market authorities to formulate an official position on bitcoin and other virtual currencies, which are controversial not only because of their speculative nature, but are also seen as vehicles for illegal activities. / AFP PHOTO / Justin TALLIS (Photo credit should read JUSTIN TALLIS/AFP/Getty Images)

The cryptocurrency Bitcoin reached a value of $11,000 on Wednesday, a new all time high.

This is an increase of more than 1,000% since the beginning of the year, CNN Money reports.

Bitcoin has soared in price in recent weeks, breaking $8,000 two weeks ago and $9,000 over the weekend. While some investors are warning of a bubble and a potential crash, others are far more optimistic.

CNBC’s Jim Cramer called the rise of Bitcoin “parabolic,” and warned that it won’t last. “Even if you believe in bitcoin, the velocity of the move is a sign that it is parabolic. And parabolic moves don’t last,” he said Wednesday.

Another Bitcoin doubter is JPMorgan Chase CEO Jamie Dimon, who referred to the currency as a “fraud” that will “eventually blow up.”

Wall Street strategist Tom Lee is far more optimistic, predicting the decentralized digital currency could skyrocket to an astounding $100,000.

“We think over the next 10 years, this new generation of millennials are going to view trust as a replacement for gold. So, Bitcoin is essentially digital gold for another generation,” Lee told Sqauwk Box.

Fortress hedge fund manager Michael Novogratz is another Bitcoin believer, stating that it could “easily” reach the $40,000 mark by the end of 2018.

What is Bitcoin? This will tell you everything you need to know about the surging cryptocurrency

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