Rigid Currency Policies Could Drive Bitcoin Prices Through The Roof

Rigid and sometimes insane currency policies in some countries might explain the big increase in bitcoin prices. The cost of one unit of the cryptocurrency has increased by $350.69 over the past year, according to Coinbase.

A bitcoin cost $229.91 on June 11, 2015 and $583.12 on June 8, 2016, according to the popular digital wallet. The big media has not noticed this surge yet, but it could be the start of a major change in the world’s currency market.

Some observers, such as Zero Hedge’s Tyler Durden, attribute the bull market to increased demand for bitcoin in China. Durden’s thesis is that the People’s Republic’s efforts to enforce strict limits on the amount of money that can be transferred out of the country is fueling the increased demand for bitcoin.

Egyptian Madness

China might be just the tip of the iceberg, because the same scenario is playing out elsewhere. The best example is Egypt, where the government is planning to punish black market money changers with a 10-year prison sentence. Bloomberg reported that the governor of the nation’s central bank has also asked the cabinet for the power to fine and

Read more ... source: TheBitcoinNews