As if there were any doubts among fans, Bitcoin has proven to be as innovative and surprising as ever. In what has been a long-awaited moment, the bitcoin price has risen beyond what anyone expected and is hovering at around the $682 mark at press time.
Also read: Counterparty: The Fuel for Bitcoin Price Stability?
Naturally, the next step is to go even further. Many are wondering if $700 isn’t just wishful thinking, anymore. While predictions regarding a further advance may be unclear at this time, bitcoin fanatics everywhere are celebrating like they mean it.
Jose Rodriguez, VP of payments for Mexico-based bitcoin exchange Bitso, explained with enthusiasm:
“Today we had the highest price in MXN since we started operation in April 2014. This is the highest registered price. In 2013, there were still no bitcoin exchanges in Mexico. We believe in the technology and its applications and use cases to bring better financial services for humanity, and not only speculation.”
Bitcoin Price Rises in Midst of Global Instability
As we approach the oncoming Bitcoin halving, it seems that Bitcoin is attempting to prepare itself for when production is cut down. Are more people purchasing bitcoin hoping to stock up before miners reduce their work by half?
The other potential factor contributing to the rise in price could be what’s being called the “Brexit vote.”
The UK is presently pondering whether or not to leave the European Union, and many of its politicians feel that a vacation from the EU could ultimately cause harm to its economy. Some have suggested that Bitcoin is being purchased by Europeans who are fearing the worst.
Regardless of the circumstances, the price of bitcoin is higher than it’s ever been, and many of us couldn’t be happier. As one analyst claims:
“In yet another large single day move, bitcoin price surged from $580 to $650… The popular USD exchanges have mostly achieved the $650 level… There seems to be additional advance in store.”
However, words of caution are still being thrown out to those who will listen, as a downward jolt of the coin’s price is still expected to hit hard within the coming months:
“The bitcoin price… is surging higher as bullish trade easily scales the order books during low liquidity weekend trade. Given the pace of advance, the $680 level may be achieved within the next 24 hours. It seems a futile and often-failed call, but at some point the bitcoin price… can be expected to put in a massive downward price correction. It may occur from the $680 level, so trade long aggressively but with caution.”
Will the bitcoin price hit $700 soon? Post your thoughts and comments below!
Images courtesy of coins-info.com.