As Bitcoin hit a new record high less than two weeks ago, long-time “hodlers” (an inside joke in crypto based on a typo in a drunken Bitcoin Talk forum message in 2013) celebrated on Twitter and Reddit with jokes about buying Lambos, and a clip from Wayne’s World where the main characters frolic and chant, “We’ve got $5,000! We’ve got $5,000!”
On Saturday, the price surged to yet another all-time high, $6,194.88, according to Coinmarketcap.com, and the market capitalization briefly exceeded $100 billion.
The reasons for the jumps are unclear, but unless there's negative news, every day, at minimum, the price is likely to rise because of new money coming into the system. Every day on Coinbase alone, about 35,000 new accounts open -- a figure that sometimes reaches 50,000 -- and thousands of people in South Korea and Japan, two countries where Bitcoin has taken off, are also bringing new fiat money into the system.
But the market’s rosy outlook is in stark contrast to the prognosis many insiders give to Bitcoin right now: The almost nine-year-old cryptocurrency is facing its gravest test yet. Whether or not it will survive, or in what form, is anyone’s guess.
Full story at http://bit.ly/2yPrNME
Source: Forbes
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