Bitcoin Surges Past $11K. Is It Finally Gaining Acceptance?
Saturday June 22, 2019. 05:34 PM , from Slashdot
The price of Bitcoin surged past $11,000 today -- less than 24 hours after surging past $10,000.
Ars Technica points out Bitcoin's price has tripled in less than six months, 'after crashing from an all-time high around $19,500 in December 2017.' And as the price of Ethereum rose above $300 for the first time in nearly a year, Mashable writes that the total value of all cryptocurrencies is now over $300 billion, and suggests the new price milestones may indicate a broader awareness:
The $10,000 and the $300 price levels for Bitcoin and Ethereum, respectively, are important psychological barriers, and not only because they're nice and round. Last time, those levels were when the 'cab driver' effect was in full swing: Everyone was talking about Bitcoin; Coinbase was adding hundreds of thousands of users on a weekly basis. People who'd never even considered stocks were suddenly stocking up on Ethereum and other cryptocurrencies.
'Details about Facebook's long-awaited cryptocurrency brought significant attention to the industry as a whole,' reports the Street, 'and created anticipation that markets could move higher.'
Not only will Facebook's cryptocurrency, Libra, introduce the platform's 2.5 billion users to cryptocurrencies, but the project doesn't take direct aim at bitcoin. Rather than striving to supplant the first and still-most-popular digital currency, Libra caters to the 1.7 billion unbanked around the world by striving to provide a fast, affordable and reliable way to send and receive money...
There is growing evidence that investors view bitcoin has a hedge against global instability, and several factors are creating FUD (fear, uncertainty and doubt) in traditional financial markets.
To that point, Forbes reports that 'Bitcoin's growing reputation as a 'digital gold' could mean it becomes treated as a safe-haven asset in times of crisis, and the U.K.'s looming Brexit might demonstrate that.' Nigel Green, chief executive of the financial advisory group deVere, tells them that 'One such way that many are looking to diversify their portfolios and hedge against legitimate risks posed by Brexit is by investing in crypto assets, such as bitcoin.'
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