as bitcoin powered ahead to a new high for a second week in a row some have speculated that institutional investors could seek safe haven in the virtual currency in the future . the prevailing rhetoric over the past month has been more affirming than damning of cryptocurrency with the likes of ronnie moas and max keiser predicting new highs in 2018. speaking to rt etore analyst mikhail mashchenko says financial institutions could look to major financial crash hits global markets .the demand of bitcoin is growing as the crypto market has become less volatile and an increasing number of professional investors see it as insurance .

Big Money

if and when a stream of institutional investors start investing large amounts of capital into cryptocurrency some of the stunning predictions made by bitcoin bulls could well be realised . however mashchenkos prediction was quite conservative suggesting that bitcoin reaching a $10000 high by the end of 2017 would be driven by emotion rather than fundamentals; we could see a bitcoin at $10000 in a month or so . however such a surge will be based on emotions not on fundamental factors . so further growth of the cryptocurrency will require something more than euphoria .

having hit the $8000 mark last week bitcoin surged another $1000 dollar in just a few days breaching the $9000 level during the thanksgiving weekend . at press time the price of bitcoin sits at $9500 just $500 below mashcenkos predicted level .

Second Oldest Bull Market

the current bull market in stocks is the second longest in history according to fortune having lasted 104 months so far . the longest bull market in history ended in 2000 after an impressive 113 month run . with the current rally getting a bit long in the tooth many on wall street are making contingency plans for the stock market inevitable turn . if mashchenko is right bitcoin will have a role in some of these plans .

Shifting Opinions

mashchankos statement come on the back of changing sentiment in the mainstream financial sector . last week jp morgan chase announced plans to offer bitcoin futures on the chicago mercantile exchange an important move by one of the biggest banking and financial services providers in america . even more satisfying this moves comes only months after chase CEO jamie dimon condemned bitcoin as a scam .

online banking service providers and exchange operators ledgerx and revolut are also adopting bitcoin support . the former was recently cleared to offer bitcoin derivatives as people look to do more than just trade the cryptocurrency .