Bitcoin is back in the news, but this time it seems to be for all the right reasons.
After a blockbuster 2013, the digital currency tumbled throughout 2014 on negative headlines, such as the February 2014 bankruptcy filing of Mt. Gox, a Tokyo-based Bitcoin exchange. Since then, the currency has been bouncing back and forth between $200 and $300.
That is, until now.
Bitcoin has embarked on a seven-week winning streak, the longest since November 2013, according to Bloomberg data. Industry experts and insiders have a range of reasons for the recent surge.
Market participants are citing two big reasons for the rally. The first is enhanced interest and acceptance from established financial companies. Much of this is due to Bitcoin’s blockchain technology, which Goldman Sachs, Morgan Stanley, and a number of other firms have taken an interest in as they seek to apply it to overhauling the trading of securities, derivatives, and loans.
According to Gil Luria, an analyst at Wedbush Securities who covers the sector, said in an interview that Bitcoin is finally catching on with the financial establishment.
It is becoming increasingly clear to banks and financial institutions that bitcoin and blockchain technology will become an