Bitcoin price climbs over $11,000 – here is what it may be due to
More respect from investors
One of the reasons may be that more and more people see bitcoin as something they can put their money in just like ordinary shares.
“There is an increased consensus among the investment community that bitcoin is a legitimate store of value“, said Jehan Chu, co-founder of Kenetic Capital to CNBC.
A troubled world
Analyst Naeem Aslam believes that bitcoin may be on its way to a price of $100,000. He believes what will drive the price up is people losing confidence in the stock market as well as the US-China trade war.
Facebook’s crypto launch
Last week, Facebook made big news when they said they will launch a cryptocurrency next year. This may have pushed up the price on bitcoin.
“Facebook’s upcoming launch forces all CEOs to take cryptocurrencies seriously”, says Jehan Chu to CNBC.
Next year’s halving
CNBC mentions the coming halving of bitcoin, when the reward for mining the cryptocurrency goes from 12.5 to 6.25 bitcoin per block, as a contributing factor to the price currently rising.
Interest in cryptocurrencies is increasing
Yesterday, Trijo News reported that people searched for bitcoin on Google more than in a long time. That interest increases can contribute to a so-called “fear of missing out” effect, meaning more and more people are investing because they do not want to miss an opportunity to make money.
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