Bitcoin

Price of Bitcoin Surges to Record Highs. Why? Here Are Some Reasons.  

Bitcoin
What is prompting the rise of Bitcoin? Some reasons were being debated on. Image: PIxabay

Just the other day, prices of the controversial currency bitcoin has been reported to be surging. According to the Sacramento Bee, bitcoin was surging higher than the market value of major companies in the U.S. like Goldman Sachs.

On Saturday (Friday in the U.S.), Market Watch said that Bitcoin USD +2.60& was worth $5,678. It rose 90% since hitting a low of $2,985.24 in mid-September. It reached its all-time high of $5,856.

And cryptocurrency insiders could not figure out why. Industry analysts, reported some possible reasons of the renewed optimism.

  1. Rumors that Amazon will accept Bitcoin
  2. China will reportedly license digital-currency exchanges, reversing its previous exchange ban
  3. Gaining more Wall Street attention

However, like the Amazon rumor, the rumors that China may soon relax its position against cryptocurrency exchanges and allow them to reopen, all appear unsubstantiated.

If James Altucher’s claim, an expert on cryptocurrency, will be believed he blogged on September 22 that Amazon will soon announce that it will start taking cryptocurrency on October 26, once it hold its earnings call.

Altucher’s claim was opposed by some websites focused on cryptocurrency. But all the speculations have not died yet since Amazon’s has not come out yet and denied anything about reports of it accepting Bitcoin.

For one, Amazon’s an e-commerce platform at the edge of the online-commerce frontier. Adopting or implementing some blockchain technology is not remote in the future as well as accepting Bitcoin soon.

Is the idea of Amazon accepting Bitcoin hard to swallow? Not exactly. Overstock.com is one that has been taking Bitcoin and other cryptocurrency for years now.

Tristan Greene of The Next Web opines, “If the mere rumor of Amazon accepting cryptocurrency can cause value to rise by thousands of dollars in mere weeks, imagine what the outlook would be if it turned out to be true.”

Greene added: “A cryptocurrency coin worth five digits certainly seems possible if Altucher turns out to be right, but we won’t hold our breath.

Bitcoin is surging and the reason or cause does not matter for now among investors.

The Next Web, one of the news outlets that reported about the Bitcoin surge, sought Amazon for comments and still have not heard anything as of the moment.

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2 thoughts on “Price of Bitcoin Surges to Record Highs. Why? Here Are Some Reasons.  

  1. currency is involving, salt was the currency then, now and current is fiat money (paper money) we are turning to digital money in the future

    post mail was useful 10 or 20 years ago, but now email or electronic mail is now useful.

    shopping mall also was famous then, but now Amazon like shopping in internet is gain attention.

    Like

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