The rise of Bitcoin has been accompanied by the growing risks associated with investing in the highly volatile, 'roller-coaster' instrument.
On December 7, the Bitcoin price hit a peak of $18,000 per unit, before falling back to about $16,000, according to Forbes. So far, Bitcoin has climbed more than 77 percent in December alone.
Since the beginning of 2017, the price of Bitcoin has skyrocketed, from $997 on January 1 to over $9,000 by the end of November. The futures are believed to further increase its value and result in wider acceptance of the cryptocurrency on the financial market.
According to the recently released "Outrageous Predictions" by Denmark's Saxo Bank report, bitcoin is expected to continue its phenomenal growth new year and reach a new historic record value of $60,000.
Bitcoin provides a decentralized electronic platform based on Blockchain technology and is highly differentiated from traditional online banking. Its main advantage is the anonymity.