Bubble, wipeout, insane idea, whatever you want to name it, you can. Bitcoin broke above its previous high of $5,000 and it is up 5.26% today. The reality is that investors support the idea of Bitcoin with their money, it is there to stay. Bitcoin is the king and holds the biggest crown among cryptocurrencies. When China imposed restrictions on crypto ICOs, Bitcoin crashed and broke the psychological level of $3,000. Now we are back above the level of $5,000 and it is up 74% from its previous low of $2,975. That was an opportunity worth looking at.
This is simply an explosive performance and in terms of percentage, the gain is 63% from its lows. What was behind this move? There are many explanations, such as Amazon bringing Bitcoin on their platform, Goldman Sachs exploring the idea of bitcoin desk, geopolitical risk providing the tailwind and the mighty dollar losing its throne.
The idea of Amazon adding bitcoin as an acceptable form of payment is intriguing. Its revenue last year was $135.98 billion. Adding bitcoin on their platform would confirm Bitcoin as an acceptable form of payment. If Amazon successfully implements and brings bitcoin on their platform, it would only be a matter of time before we hear eBay making a similar announcement. After all, the entire idea to remain in the game of the online shops is to provide users the best and most efficient way of shopping and Ebay’s annual revenue is $8.97 billion.
Yoru brain waves would also bring the idea that if giants like eBay and Amazon would accept Bitcoin, what about the biggest giant? Alibaba is the biggest online shopping platform in Asia and in order to service their clients, it would also find a way to bring bitcoin as a method of payment for their users, especially when the firm makes smashing revenues on Single’s Day. Alibaba holds the crown for the world’s online shopping event. Retailers scrambled on Alibaba platform to sell their products and its revenue for Single’ Day in 2016 ($17.8 billion) surpassed the previous year by $3.5 billion dollars. This really gives you the scope where the price of bitcoin could go if Alibaba and eBay add bitcoin to their list.
Full story at http://bit.ly/2yKyj84
Source: Forbes
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