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Thursday, June 8, 2017

What’s driving the bitcoin boom? Here’s what you need to know

What’s driving the bitcoin boom? Here’s what you need to know

The price of a bitcoin doubled last year, and has doubled again so far this year to around 2,800 dollars. In the wake of bitcoin’s recent surge, almost $4billion was wiped off its value. But the correction didn’t last long, and the price began to climb again. So what’s all the hype about? There are several key factors driving the current bitcoin boom.

Amid global political and economic uncertainty, investors have been turning away from traditional stock and bond markets, which have been shaken by big events from the Brexit vote to the US presidential election.

Ron Quaranta, Chairman of the Wall Street Blockchain Alliance, told Bloomberg that institutional investors, such as banks, insurers, pension funds, hedge funds and asset managers, are beginning to view bitcoin and its rival cryptocurrency ethereum as a new type of investment.

“Bitcoin and Ether and all these cryptocurrencies are representing a different type of asset class; a different type of tradeable commodity. Investment managers are our fastest growing demographic,” he said.

Full story at http://bit.ly/2sgSl6F

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