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Bitcoin has passed $4,000, Why is it so high?

RATE THIS! +26
Posted in Online on 14th Aug, 2017 02:36 PM by Alex Muller
Two weeks ago Bitcoin went through a hard fork, and came out essentially unscathed. Sure, a bitcoin-clone called Bitcoin Cash was created, but it’s gotten a lot less attention than most people expected. Bitcoin locked in SegWit, a code modification that frees up space in blocks, allowing for more transactions to be stored in each one.
 
These two code-related developments have helped boost conference in Bitcoin’s future.
 
Another reason – the ICO frenzy. The amount recently raised via initial coin offerings have now (at least temporally) topped amount raised via early stage venture capital. Just last week Filecoin raised $180 million in a few hours. Most investors have to convert fiat currency to bitcoin or other cryptocurrencies to participate in ICOs, which could be driving up the price (and providing some investors with their first taste of bitcoin).
 
Another reason – Wall Street’s new obsession is bitcoin. You can’t watch CNBC for five minutes without seeing a trader or analyst give their opinion – which is usually something insanely bullish like “it’s going to be the best performing investment of the year”. For better or for worse, statements like these are getting non-technically inclined investors interested in bitcoin, some of which are definitely buying coins for the first time.
 
So what happens next? No one knows. Bitcoin could crash 50% to $2,000 tomorrow or spike to $5,000 – and I don’t think anyone who truly knows crypto would be surprised at either option. E
 
Everyone has a different opinion – some say the bubble is oversized and should have popped months ago – others think that bitcoin is currently just a fraction of what it could eventually trade at.
 
Whichever camp you fall in, here’s one friendly reminder: don’t invest more than you can afford to lose – because if you ask anyone who’s spent more than a few months in the cryptocurrency world they’ll tell you it’s a roller coaster.

 


Tags: bitcoinsoftwareblockchainonlinebitcoin cash

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Comments

Author: Guest
Posted: 2017-08-15
+1
Future of cryptocarency is indeed uncertain and the current performance volatile - however for those who invested early, return is more than anyone expected Reply


 

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