Why Bitcoin Price Is Going Up? Know the Main Reasons Behind.

Bitcoin achieved its new all-time high this week, at $2,750. Although analysts attributed last week’s Bitcoin price surge to the economic and political uncertainty of the US, which operates the largest Bitcoin exchange market with a 34.2 percent market share and $450 mln daily trading volume, this week’s strong rally and momentum of Bitcoin price is likely the result of a general increase in global adoption, progress in Bitcoin scaling and extensive coverage of Bitcoin from mainstream media.

Global Adoption.

The demand toward Bitcoin is rising exponentially in major markets outside of the US, including China, South Korea and Japan. China, in particular, has made a strong comeback over the past few weeks, replacing the South Korean, Japanese and European exchange markets to become the second largest Bitcoin exchange market in the world.Record-High at >$2,500, and is now up a stunning 177% for the year.

Top 10 Cities Searching ‘Bitcoin’

A look at the cities that are googling Bitcoin reveals a diverse list composed of:

Lagos
San Francisco
Amsterdam
New York
Toronto
Montreal
Singapore
Los Angeles
Vienna
Melbourne
Starting with Lagos, a city in the Nigerian state of Lagos, and the city that is currently showing more interest in Bitcoin than any other. Although Bitcoin isn’t as popular as it is in other countries, the first place in Google search trends is probably driven by the country’s need for a decentralized and deflationary currency.

Then there’s San Francisco along with a few other American cities, New York and Los Angeles. The United States of America is considered one of the most important countries in Bitcoin the USD making up a good portion of the global Bitcoin volume, second only to Japan. Citizens are currently awaiting the SEC decision regarding the review of the Bitcoin ETF.

Then, we have two European cities, Amsterdam and Vienna. Europe is still a bit behind on Bitcoin as the sum of all European Union countries using EUR to interact with Bitcoin makes up for roughly 7% of the global Bitcoin volume.

We were suprised to find Toronto on this list, as the Canadian Dollar currently makes up less then 0.30% of the global Bitcoin volume. This, however, may change in time as Bitcoin continues to gain traction.

Lastly, we have Melbourne and Sydney, two Australian cities that are searching for Bitcoin. Although the Australian Dollar makes for an even smaller percentage of the global trading volume, the most recent tax cut on Bitcoin’s double taxation problem may kickstart the Bitcoin industry in the country.

Bitcoin Sweeping Japan by Storm

If you were surprised to not find any Japanese city on this list, you’re not alone. This can mean that there is still room for the coin to grow in Japan. It can also mean that Japanese citizens don’t feel the need to search for Bitcoin in google, as the coin is becoming a sort of national phenomena and is widely accessible offline.

However, it is also worth noting that although no Japanese city is on the top ten right now, Bitcoin was the 7th most googled term on the 22nd of May in Japan.

By now, everybody knows that Japan is the becoming a sort of “Bitcoin capital”. The country recently passed a law in which Bitcoin is recognized as a legal method of payment, made the sale of Bitcoin exempt from the consumption tax and basically gave it the big government seal of approval.

Japan’s Peach airlines made news this week for accepting Bitcoin for its flight bookings is just the latest example of Bitcoin sweeping the country by storm.

The JPY has also overtaken the USD and CNY in terms of trading volume. This overwhelming demand for Bitcoin in the country has even caused Bitcoin to trade at considerable premiums, with Bitcoin being bought and sold today on Japanese exchanges.

It truly seems that Bitcoin is coming closer to the mainstream stage in part due to the Japanese government’s permissive stance on its legislation and, as Google shows, there is still room for the currency to grow both in Japan and throughout the world.

Mainstream Media Began Noticing.

More importantly, the increase in the demand toward Bitcoin is evidently portrayed by Google Trends for the search term “Buy Bitcoin.” According to Google’s data platform, the search term “Buy Bitcoin” broke 70 points for the first time since 2013, prior to the Mt. Gox fiasco, when Bitcoin price reached $1,300 and demand toward Bitcoin skyrocketed.

Many users that have yet to invest are turning to internet search engines in order to find out how.

A look at Google’s trending topics by city reveals that the topic is not only being searched in the U.S, but also throughout the world in Europe, Africa, and Asia. Cities that are not knowing for their Bitcoin industry have made it to the list, which means that Bitcoin’s popularity keeps growing, even in places where it is not being widely used.

On the 22nd, Bitcoin even made it to the 6th place as the most popular search term in the U.S with more than 200,000 searches. Also in the top 20 is the search term “Ethereum,” reaching the eighteenth spot after news that the Enterprise Ethereum Alliance added 86 new members

Financial Investors Are Riding High With Bitcoin.

An important aspect to consider about Bitcoin’s recent rally is that its momentum is supported by the emergence of institutional investors such as Fidelity Investments. On May 23, Fidelity Investments CEO Abigail Johnson revealed that the firm, which oversees 2.13 trillion worth of assets, has been mining Bitcoin, accepting the digital currency for payments at its local cafeteria and plans to integrate Coinbase on its main platform by the third quarter of 2017.

“I love this stuff – bitcoin, ethereum, blockchain technology – and what the future holds. I am still a believer – and it's no accident that I'm one of the few standing before you today from a large financial services firm that hasn't given up on digital currencies,” said Johnson.

Consensus 2017 was her first major speaking engagement since she became chairman of the company. Ms. Johnson talked about Bitcoin and blockchain technology while giving the audience a glimpse of Fidelity’s plans for them.

Another big announcement by Ms. Johnson involves an integration with the bitcoin exchange and payment processor, Coinbase.

Fidelity customers have expressed an interest in the ability to track their digital currency holdings through the Fidelity website, where they have other financial holdings, according to Ms. Johnson. This feature has been tested with employees and is already available to those with digital currencies at Coinbase, she detailed. Soon, it will roll out to all customers and they will be able to see their Coinbase holdings on the Fidelity website.

Exploring Microtransactions & Bitcoin Mining.

Fidelity Labs, the firm’s research group, has made venture investments in a handful of Bitcoin businesses as well as partnering with university efforts, including the MIT Digital Currency Initiative, Ms. Johnson revealed.

“We have built proofs of concepts that accept bitcoin micro-transactions,” she detailed. In addition to micropayments, the firm is also exploring various use cases of blockchain technology through these partnerships. “Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself,” she noted.

Furthermore, Fidelity has set up computers built by 21 Inc to mine bitcoin. “We set up small Bitcoin and ethereum mining operations, just done in the spirit of learning,” Ms. Johnson said. So far, “my…computer has mined over 200,000 satoshis,”

The Over All Scenario.

Bitcoin current rise is not just a pump and dump situation. This is backed up by real market growth, already picked up by the masses worldwide through the mainstream media and word of mouth popularity.

Moreover, institutional investors have already joined the fray. Putting up more and more innovations to take advantage of Bitcoin's platform.

What we should do as ordinary Joes and Janes are to hold as much Bitcoin as we can and treat as an investment or savings.

The future is about to be shaped drastically and the instrument is blockchain, and at the forefront of all these changes is Bitcoin.

What about you? What do you think about Bitcoin? Share us your thoughts and leave a comment below.
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@arnel