Today, May 14, Bitcoin price broke its yearly high of more than $8.000 and it seems that the bull run isn’t near to end. Even though it may come as a shock for both the traders and the analysts, one thing is clear – this one is not going to stop so soon.
We have tons of reasons to bet on Bitcoin but here are six main and valid reasons why we think this is going to last:
1) Bitcoin Undaunted Despite Binance Hack
Even though last week we have witnessed great Binance hack that made this biggest cryptocurrency exchange short of 7,000 Bitcoins worth about $40 million – Bitcoin didn’t seem to care.
In spite of this pretty serious security breach and theft, Bitcoin price kept surging up to $7,000 in just few day after attack.
2) Consensus Conference Failed To Push BTC Price
Consensus Conference that was held in April 2018, sent the Bitcoin up to more than $6.200. Even though crytics were saying this was April’s Fool’s Day joke, this year – Bitcoin proved them wrong.
It started rising before the conference even started and still does. That brings us to the next reason.
3) eBay is Going Crypto
eBay Adverts seen at Consensus 2019 encouraged the rumors that this world’s biggest online marketplace will incorporate crypto payments on their website.
Even though there were no official announcement to this effect, cryptocommunity obviously reacted sending Bitcoin even higher.
4) PayPal is Researching on Blockchain
Also we shouldn’t forget PayPal, one of the biggest worldwide online payment system who was pretty ambivalent over the digital currencies thorough the years.
However, last week its CFO John Rainey said that the payment processor has created teams to study both blockchain and cryptocurrency.
Just to remind you, PayPal already had the possibility for merchants to receive payments in Bitcoin but removed functionality after it noticed cryptos’ high level of volatility.
5) Microsoft is in
Microsoft also is announced that they are building an identity tool on top of the Bitcoin decentralized blockchain. The project dubbed Identity Overlay Network (ION) is focusing on creating applications that let different networks interact with each other.
6) Bakkt’s Bitcoin Futures Exchange
Bitcoin futures exchange Bakkt announced that they are finally setting July test date for Bitcoin Futures. This announcement came a surprise, as the launching was delayed many times before, and now it seems to be expected to happen in July.
This will for sure improve arbitrage opportunities and increase prices. Just for a comparison, when physically-backed gold ETFs launched in 2013, the price of gold rose by 300 percent over the following ten years.
Even though some analysts like to note the negatives of Bitcoin as already mentioned exchange hacks, negative SEC rulings or equity implosions, we think that those are largely one-off peculiar events that create some risk but are not persistent.
What we have listed here are the long-term game changing events that include improved infrastructure, more occupants entering the space, better UI/UX etc.
And after all, if you can buy you Latte in Starbucks and pay with Bitcoin already – what’s it more to suspect?