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Monday, May 8, 2017

Bitcoin Price Surge Due to Rise in Institutional Investors: CNBC Analyst

Bitcoin Price Surge Due to Rise in Institutional Investors: CNBC Analyst

CNBC Analyst and Capital founder Brian Kelly attributed the recent surge of Bitcoin price to the rising demand of institution investors toward Bitcoin.

An increasing number of investors and traders have begun to recognize Bitcoin as a long-term investment, store of value and settlement network, rather than as a short-term investment or “hot money,” as Kelly described.

In particular, the Japanese Bitcoin exchange market and industry have matured significantly over the past few months, to the point in which the country’s largest financial institutions and corporations have started to launch digital currency exchanges and trading platforms.

SBI Group the $3 bln financial conglomerate based in Tokyo, recently established SBI Virtual Currencies, to create a secure and efficient ecosystem for investors looking to trade Bitcoin for the Japanese yen. Another multi-billion dollar Internet company in GMO Internet has also announced its plans to launch a Bitcoin exchange within this year.

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