Bitcoin has reached the new high of $4,300 and we ain't stopping yet!
We have experienced one quite a colorful ride when it comes down to bitcoin but how likely is it that we have seen it all already? Current 10 million digital currencies user list is looking at a rapid expansion if it should follow the trend of previous popular technological inventions and many specialists use these examples as a basis when coming up with their future price speculations. The Recent increase in BTC demand has surged the value all the way above $4,300 price-tag and made some of the analysts re-evaluate their future predictions to even higher margins than before.
Increased Demand From Japanese Users
Japan is one of the few countries that has recognized bitcoin as a legal currency, the same law is supported by many merchants and they have actively been accepting BTC payments in their daily businesses. According to the CryptoCompare report then Japanese users are guilty of the 46% of the bitcoin trading volume. Investors in that region see bitcoin as a speculative but relatively safe haven amongst national currencies that could fumble in the midst of political threats and tensions.
FOMO Elephant Billionaire Dance Begins
Fear Of Missing Out Elephant billionaire dance is an effect that specialist use to describe how human minds tend to think and the natural progression is to try and get yourself a piece or you will be left out due to the scarcity while the main driving factor is the actual value, even if acquiring it at that time is going to cost person a fortune.
Ronnie Moas had set his initial bitcoin price forecast at $5,000 by the end of 2017 but had re-evaluated since the latest correction and raised the bar all the way to $7,500 while expecting to see the value-tag hit the $50,000 mark by 2027. Additionally, he had said that where he never used to hold any investments in the stocks he issued reports on then now his holdings are 100% in the digital assets, mainly bitcoin and ethereum.
Civil War End, Upgrade Lock-In & Positive Regulations
Many speculative investors were driven out due to the fear that price will plummet because of the miners not coming to an agreement on how they should upgrade the network and this resulted in money moving out during the time approaching 1st of August but since the community happened to split anyway then the result has actually turned out to be favorable to the forefather of blockchain currencies since even more investors are now looking to diversify into the original bitcoin network.
Another positive factor for the price increase is that governments around the world keep giving positive remarks and hints about the plans of passing legal regulations that will protect and encourage more users into the use of blockchain currencies. We have to strap down and enjoy this ride to the Mars!Filed under: Bitcoin, BTC, Blockchain, Network, Record, Future, Worldwide, Price, Speculations