OK so I’m aware I sound like a broken record only having spoken about this topic back in August but the cryptocurrency is continuing to break all records whilst still climbing – as I write this, the price of a single bitcoin is $5,725, which is around £4,306 vs the £3038 price mark only 2 months ago.
Surpassing the $5,000+ price tag can be attributed to a few different factors. Firstly, Bitcoin has recently had new Korean buyers, pushing the hype and access to the cryptocurrency up more and more. Secondly, a hard fork is approaching, set to happen by the end of October. This Bitcoin fork could end up creating a new currency, similar to what happened in early August. When that fork took place, Bitcoin Cash was created where it’s value went up to $900 before crashing down to $300 in less than a month.
Bitcoin has seen a lot of media coverage lately as both China and Russia have begun to crack down on using cryptocurrencies, although there are rumours that China is opening the market again which could also be contributing to the spike. This is in stark contrast to North America, specifically Canada, where companies like Goldmoney are taking advantage of the Bitcoin boom by offering trust and investment options to interested parties.
The UK is yet to do anything surrounding the cryptocurrency fad but it would be interesting to revisit my stats from last time to see how the views of the UK have moved on with 50% believing cashless payments are as secure as cash, would the same be said for cryptocurrencies? 39% of the UK believe that a cashless society is inevitable but would this include the anonymous phenomenon?
Analysts have speculated that the bitcoin could go as high as $100,000 (£75,415) which sounds absurd but the way it’s currently going I wouldn’t be surprised. Either way, if you’re simply a spectator like myself or an investor on the edge of his seat, it’s all very exciting!