Skyrocketing to New Heights: Bitcoin Surges to Almost $8000

As the ongoing cryptocurrency frenzy continues, Bitcoin soared to almost $8,000 for the first time in history.

According to website CoinDesk, Bitcoin hit a record on Friday at $7,998. Since January, Bitcoin has surged by almost eight times.

The vice president of the Goldman Sachs FICC market strategies team, Sheba Jafari, predicted Bitcoin’s value would reach around $8,000. “The market has shown evidence of an impulsive rally since breaking above $6,044. Next in focus $7,941. Might consolidate there before continuing higher,” she wrote in a note to investors, according to CoinTelegraph.

Bitcoin is one of the most popular cryptocurrencies, which are exclusively digital and allow users to make payments for goods and services online. It was introduced in 2009 as an independent alternative to government-backed currencies.

Some investors have predicted that Bitcoin will continue to rise even further. FundStrat Global Advisor co-founder Tom Lee said that it could surge to $25,000 over the next five years, according to Futurism.

— Jamie McGeever (@ReutersJamie) November 17, 2017

— Crypto ฿oss (@LegendOfCrypto) November 17, 2017

​The latest Bitcoin boom may be correlated to news suggesting that Square's popular Cash app is letting some users buy and sell Bitcoin, according to Express.co.uk.

The report suggested that the Cash app, which allows users to quickly transfer money, gave a select few beta testers the opportunity to trade the cryptocurrency.

“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy bitcoin. We're exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers,” a Square spokesperson was reported by Express.co.uk as saying.