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Bitcoin price has been in the spotlight of the financial media lately with its soaring value and is understandably getting plenty of attention. In a televised interview on Bloomberg, an executive at BitPay – the largest payment processor in the industry, outlines his reasons for the price swell.
Sonny Singh, chief commercial officer at BitPay appeared in a televised interview on Bloomberg where he was asked about bitcoin’s recent rally. The rapid price surge began over the past few weeks to break the $750 ceiling late last week, hitting a 28-month high for the cryptocurrency.
Inevitably, the primary factor he cites is the demand from new Chinese investors who are looking at the cryptocurrency as a store of value.