In the past few days, Bitcoin has exploded by more than $180, past $900 per coin for the first time in the past few years. There are expectations that it may bypass the $1000 mark by the end of the year.
The main reason for this rise was due to the collapse of key currencies in Canada, China and Australia, as they try to devalue their currencies and preserve wealth.
It’s the first time this year the digital currency has been above $900 for a single coin, more than doubling in value since January.
Some experts say there has been no news trigger over the last few days to drive a new spike of the bitcoin price, others attribute it to the plunging Chinese currency and to concerns that the world’s largest economies are growing increasingly unstable.
“Nothing is moving at the moment like the digital currency which is blowing right through the roof,” Mati Greenspan, a senior market analyst at trading platform eToro told Business Insider.
“You’re talking about the eurozone fracturing, you’re talking about the Chinese yuan devaluation, you’re talking about Trump’s curveballs,” said Charles Hayter, founder and CEO of CryptoCompare as cited by MarketWatch. He added that demonetization in India could also be among the reasons for bitcoin’s rise. – Russia Today
It looks like the two best currencies currently are the US dollar and Bitcoin. Bitcoin I often used as an intermediary to change asses into US dollars. It was in 2013 that Bitcoin went past the $1000 mark due to speculation, but now its true value is being realized.
What are your thoughts on this?