The price of Bitcoin, the world’s most popular virtual, digital currency, is on the rise again. After trading in a range of $200 to $250 for most of the year, the price of one Bitcoin shot up to $500 this week, although it has since fallen back to $392 on Thursday.
A great surge to $1,000 at the end of 2013 ended in disaster for investors as the currency lost three-quarters of its value in ensuing months. But what’s behind the latest rally and will it stick? Here are three possible explanations:
Perhaps questionable Chinese interest
As often happens with bitcoin price surges, a lot of the trading is coming out of China. And there is a social financial network called MMM Global growing massively in China that requires users to buy bitcoin and share it