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Monday, May 22, 2017

3 Reasons Why Bitcoin Broke $2,000

3 Reasons Why Bitcoin Broke $2,000

The digital currency bitcoin is on another remarkable run, soaring nearly 65% in the last month, and smashing the symbolic $2,000 mark for the first time ever this week. Bitcoin has gone on tears in the past, but never quite like this.

So what's behind the latest bull run? It's hard to say for sure, since bitcoin is so unpredictable, but here are three factors that are contributing to bitcoin's boom.

The $2,000 bitcoin milestone comes amid a larger trend of investors clamoring for crypto-currency of all sorts. While digital money was once seen as the province of cranks and computers geeks, it's now so mainstream that investors see it as a new asset class and are creating hundred million dollar hedge funds to acquire it.

Meanwhile, others see digital currencies as an asset like gold, which can hold its value amid times of government instability. Recent political upheaval in Brazil and the United States, which led to drops in the dollar and the real, may have contributed to the recent uptick in bitcoin buying.

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