Since our previous look at the bitcoin price, everybody’s favorite coin has jumped another $14, bringing it to $457. What has once been described as a stagnant, slow and stuck in the middle entity is now rising faster than it has in quite some time, and digital currency enthusiasts are keeping their fingers crossed and hoping things last this way for quite a while.
Presently, the price of bitcoin is described as “bullish,” meaning it’s enduring a steady rise that investors can sink their teeth into. While speculation is anybody’s game, there are a few possible answers as to why bitcoin is moving forward at such a rapid rate.
We’ve mentioned the fact that positive media and a change in ideals towards bitcoin have certainly helped the currency along the way. As cliché is it may sound, nothing’s going to survive as long as it’s being hit with illicit and negative vibes. There’s no room for anything to step in, take the wheel and start heading into the sunset away from the storm…
But the news of Steam’s upcoming integration with bitcoin may have a lot to do with the sudden rise. Segregated Witness also has a lot of people feeling confident and healthy, and capitalists such as Tim Draper believe that the price will allegedly continue to soar over a two-year period, making bitcoin the hot virtual currency of the ages. Men like Draper think that bitcoin investing is just getting started, and the playing field will soon be the largest in the world of modern finance.
Presently, many eyes also find themselves turning towards China. The country has recently experienced a heavy economic downturn, but China has often been regarded as one of bitcoin’s top users, and now that its monetary system is experiencing a period of temporary failure, many are beginning to invest in alternative methods, bitcoin being a prime staple. Investors in China are still fairly limited, but with time, the number is expected to increase heavily.
Finally, there’s the topic of bitcoin halving. At present, every bitcoin block produces about 25 single bitcoins. They are always kept new to prevent liquidity, but things are expected to change in July of this year when bitcoin blocks will purportedly be reduced to 12.5, making bitcoin harder to get one’s hands on. Obviously, something rare or less common is likely to spike in value, and bitcoin is no exception.
With such a positive future ahead, bitcoin’s primary goals of taking over the financial world and rewriting monetary practices as we know them seem to be taking full force. With increased help, bitcoin can finally slide into home without skinning its knees.
What are your thoughts on the bitcoin price rise? Post your comments below!
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