Bitcoin surges towards $25,000 as Coinbase signals its intent to go public. RT’s Boom Bust examines the moves in cryptocurrency

Bitcoin set its new all-time high, breaking past $24,000 as the world’s number one cryptocurrency continues its rally on the weekend before Christmas.

The cryptocurrency capped out at $24,122 on Saturday before retreating to around $23,978, up nearly 5.5 percent on the day, according to the CoinDesk index. The surge pushed its year-to-date gains to 225 percent.

Meanwhile, prominent cryptocurrency brokerage Coinbase said it filed paperwork with the Securities and Exchange Commission (SEC), paving the way for an eventual initial public offering (IPO).

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But since the original basis of cryptocurrency was to offer financial freedom to everyone and break away from the traditional restraints of the banking sector, Coinbase’s move towards Wall Street may evoke some dramatic changes in the market.

Christy Ai, on RT’s Boom Bust, explores whether investors will cash out after this pivot away from everything that the industry stands for.

For more stories on economy & finance visit RT’s business section

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