We’ve all heard of it. Some of you might have been familiar with it from one of our previous posts, others picking it up after being hit by WannaCry. The long and short of it is, Bitcoin is here to stay. But why has its value gone through the roof? How can a currency that is completely virtual, have so much going for it? Where Bitcoin is Now?
Last Tuesday, Bitcoin saw only of its biggest surges of the year. It rose by 7.5% and continues to rise, hitting a record $3,000. Over the past year, bitcoin has done extremely well to say the least. Rising over 200% this year alone, it is unlikely that it will fall (at least not by much) any time soon.
The CEO of BKCM has stated in an email that “we are in the first years of what is likely to be a multi-year bull market. Of course there will be correlations and even crashed along the way, but Bitcoin is here to stay”. With this statement in mind, lets look back to the end of may this year. On the 25th of May, bitcoin dipped by $300 after it soared by more than 12%. According to specialists, the price of Bitcoin is increasing because of its higher demands in Asia, especially in Japan. Seeing as the Japanese government approved bitcoin as a legal payment method back in April, there doesn’t seem to be any brakes being applied for Bitcoin any time soon.
On top of this, investors have also been pouring funds into the currency after Minneapolis Federal Reserve President Neel Kashkari stated on the blockchain technology behind Bitcoin, exclaiming that it ‘has more potential than Bitcoin itself’.
So there we have it. If you were clever enough to buy bitcoin back when it first appeared, you’re in a huge amount of luck by the sounds of it. If, like me, you’re left wishing that you’d done your bit but now its too late, there isn’t really much left to say. With Data Mining not really worth it in most cases, your best bet is to trade virtual currency. Even then though, you’re playing a risky game, so be safe.
Lucidica is the IT support team for London businesses.