By Grant Ferowich

The price of bitcoin reached another all-time high Friday as a new survey emerged that demonstrates the public is confident the currency’s price will continue to rise.

The coin’s nominal value hit $6,060.1 at 4:14 p.m. eastern standard time, according to CoinMarketCap Bitcoin Index data, edging out previous records.

The price of bitcoin, a virtual currency based on blockchain technology, achieved a new record October 20, 2017. (photo via CoinMarketCap)
The price of bitcoin, a virtual currency based on blockchain technology, achieved a new record October 20, 2017. (photo via CoinMarketCap)

The price jump comes in the wake of criticism from Jamie Dimon, CEO at JP Morgan Chase Co., who said at a conference in Washington, D.C. last week that “governments are going to crush” bitcoin. “Governments like to know where the money is, who has it and what you’re doing with it, in case you haven’t noticed,” the executive said.

“If you’re stupid enough to buy it, you’ll pay the price for it one day,” Dimon quipped.

An unscientific CNBC survey released Friday found only 35 percent of respondents agreed with the president and CEO of America’s largest bank by assets. A plurality of participants, 49 percent, said bitcoin’s price would soar higher than $10,000, while a majority of voters, 65 percent, predicted bitcoin’s future price floor would be $6,000.

The poll asked “Where does bitcoin go from here?” The questionnaire was conducted from October 16 to October 20, the news outlet said. Participants were presented with three choices:

  • Dimon is correct, you’ll pay the price for buying
  • $6,000 – $8,000
  • Over $10,000

The survey does not appear to have a random sample, it is unclear whether the order of the answers was randomized across participants, and it is unknown how many people saw the survey – which would be needed for a non-response bias study. About 23,100 people voted in the poll, according to CNBC.

JP Morgan Chase’s share price is up 15 percent year-to-date as of the October 20 while bitcoin’s year-to-date return exceeds 500 percent.

The Ferowich Report is an independent news and analysis information service based in Washington, D.C. Please send any and all inquiries to ferowichreport@gmail.com.

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