The value of Bitcoin has been somewhat turbulent since it reached its record high in 2013, but it’s surging again and nobody’s entirely sure why.
At the time of writing the cryptocurrency is sat at $473/£307, marking a jump of more than 70% in one month. The coin dipped below $200 back in January – a long way down from its all time high of $1,242 back in (2013) – and now fortunes have been reversed quite significantly.
So why the rise? Analysts are throwing around a number of possible reasons, including positive press coverage. Bloomberg reckons it might be due to “enhanced interest and acceptance from established financial companies” as firms have taken interest in Bitcoin’s blockchain technology.
Higher and higher
China might also be playing a significant role in the upturn, with the country capping the cash withdrawals its citizens can make overseas – making Bitcoin a more favourable way of getting money outside the country. The theory is that the control tightening led to greater demand for Bitcoin.
The increasingly widespread acceptance of Bitcoin has been fascinating to watch. Research firm Magister Advisors recently predicted that Bitcoin will become the sixth largest global reserve currency by 2030, meaning it could be