Bitcoin skyrockets to over $900 as currencies begin to crater in China, Canada, and Australia
Over the past three days, Bitcoin has soared by more than $180 as it climbed over $900 per coin for the first time in three years. Â And expectations of the crypto-currency crossing over the $1000 USD threshold before the end of the year is not out of the realm of possibility.
The primary reasons behind this parabolic move is the collapsing of several currencies late this week which include China, Canada, and Australia, and the actions being taken by investors to move out of their devaluing currencies and into something more fungible and a better store of wealth.
Itâ€™s the first time this year the digital currency has been above $900 for a single coin, more than doubling in value since January.
Some experts say there has been no news trigger over the last few days to drive a new spike of the bitcoin price, others attribute it to the plunging Chinese currency and to concerns that the worldâ€™s largest economies are growing increasingly unstable.
“Nothing is moving at the moment like the digital currency which is blowing right through the roof,â€ťÂ Mati Greenspan, a senior market analyst at trading platform eToro told Business Insider.
â€śYouâ€™re talking about the eurozone fracturing, youâ€™re talking about the Chinese yuan devaluation, youâ€™re talking about Trumpâ€™s curveballs,â€ťÂ said Charles Hayter, founder and CEO of CryptoCompare as cited by MarketWatch. He added that demonetization in India could also be among the reasons for bitcoin’s rise. – Russia Today
Right now the two best currencies for foreigners to move into are the dollar and Bitcoin. Â And in an interesting dichotomy between these two, Bitcoin is being used by many foreign wealth holders as a middle man for them to get out of their currencies and into the U.S. dollar since many nations are imposing capital controls to stem capital flight.
Back in 2013, Bitcoin went well over $1000 per coin primarily because of speculation. Â However today it is moving up in value because it is being realized as one of the best, easiest, and safest monetary transfer currencies that protects the buyer from government intrusion over what they are doing with their money.
Kenneth Schortgen JrÂ isÂ a writer for The Daily Economist, Secretsofthefed.com,Â Roguemoney.net, and Viral Liberty, and hostsÂ the popular youtube podcast on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.