Bitcoin Surges Back Above $4600 For The First Time In A Month
Bitcoin continues to march back towards its record highs, breaking back above $4600 for the first time since September 8th.
So what will it take for the digital currency to get back to record highs above $5000 and beyond?
Forbes' Panos Mourdoukoutas offers several possible catalysts...
The return of buzz, which will bring buyers back to the market. And that will take a catalyst, like the rollback of China’s ban on Bitcoin and other cryptocurrencies, which killed Bitcoin’s buzz in the first place.
The ban may be temporary, to appease international agencies and hardcore communist members ahead of the upcoming Communist Party convention, as written in a previous piece here.
Another catalyst could be a financial crisis which could make Bitcoin the “safe heaven” asset, as investors flee financial assets. Like the 2008-9 financial crisis that extended across almost every asset category. Or a sovereign debt crisis.
Then there’s the prospect of a regional war, beginning either in North Korea or the South China Sea, which would disrupt global trade; or in the Middle East, where Saudi Arabia and Iran are moving closer to an open war.
And there’s the prospect of an endorsement by a major Wall Street institution, which wouled increase awareness among investors, helping the demand for Bitcoin cross the “tipping point” and reach cascade.
How likely is it that any of these catalysts will materialize? They are all likely, but it takes time.
The Chinese Communist Party Convention, for instance, will be over at the end of this month. This means that the first catalyst may materialize soon after.
Time may get close for the second catalyst, as financial markets undergo a crisis, every 8-10 years; and eight years have already lapsed since the last crisis.
As of the other two catalysts, it’s hard to set a time.
That’s why investors in Bitcoin and other cryptocurrencies should take a longer view on placing their bets on the digital currency, always keeping in mind that Bitcoin is an alternative to national currencies, and the “new gold,” a hedge against global uncertainty.
These views come just days after American tech billionaire investor and television personality Mark Cuban recently claimed that he sees Bitcoin and its underlying Blockchain or distributed ledger technology (DLT) as the way of the future. As CoinTelegraph.com reports, he also countered the various claims that the leading digital currency is not real and has no intrinsic value.
In an interview with Bloomberg, the renowned American businessman claimed that Bitcoin is just like the traditional stocks that investors can buy and sell.
“...it's interesting because I think there are a lot of assets that have values based on just supply and demand. You know, most stocks, they don't have any intrinsic value, no true ownership rights, no voting rights, you just have the ability to buy and sell those stocks. They're like baseball cards and I think Bitcoin is the same thing...”
Cuban also said that he has been looking to buy into Bitcoin and the cryptocurrency market ever since and he confirmed that he already invested in the leading digital currency, as well as some initial coin offerings (ICO).
“...I have bought some, bought it through an ETN based on a Swedish exchange because that gave me liquidity. I am also involved with ICOs, actually token sales, because I think Blockchain is a great platform for future applications...”
His most recent statements are quite far from his previous perception as he earlier called Bitcoin as ‘bubble’. His company’s recent moves, however, seem to be bullish of cryptocurrencies as his team have been investing in ICOs and Blockchain projects.
Source : http://www.zerohedge.com/news/2017-10-08/bitcoin-surges-back-above-4600-first-time-month
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This is a good article but I think this advance in the BTC price could have something to do with those wanting to get their free bitcoin gold. The market isn't moving naturally here, people are selling off alt coin to buy BTC. Don't see this as a naturally sustainable move higher.
I don't think that many care or know about bitcoin gold, once S2X drama is over there will be nothing in the way.
Price was being held back with the risk of the corporate 2X fork getting rid/alienating of a large part of bitcoin developers/community.
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A good read . But wait, wasn't the price affected because the late number of mining operation which was shutdown by china
It can test 6200 level, once it survives the psychological resistance level of 5000 and gives closing above this.
The more adopters to bitcoin the greater the demand. The supply is limited and miners can see it first hand as difficulty is going through the roof. I wonder if Mark had anything to do with rise in difficulty. If not him some other rich people getting involved.
great work