Bitcoin Price Rises Another $300, Have We Reached the Mainstream?
At press time, the bitcoin price hovers a little over $8,100 USD. That’s a $300 jump since our last piece, and the momentum just keeps on going.
The news of Tether’s recent hack is believed to have contributed to a small dip in the bitcoin price only a few days ago. The cryptocurrency fell a little over five percent following a steady rise beyond the $8,000 mark, only to instantly rebound and move beyond the barricades the hack allegedly set in place.
“The incident is the latest in a long list of hacks that have dented confidence in the security of cryptocurrencies. Such events typically have fleeting market impact, but bitcoin has surged to one record after another during the past few years despite major thefts from exchanges including Bitfinex and Mt. Gox.”
Bitcoin Has Passed the Test
This is very important news because it suggests that bitcoin might be losing some of its vulnerability to negative outside influence. China’s recent ban on bitcoin exchanges didn’t stop the cryptocurrency from reaching new highs, and now a $30 million theft has barely left a dent.
Bitcoin keeps trekking along – impressing those who already favored it, and surprising those who distrusted it.
Three or four years ago, an incident like this would have brought Bitcoin to its knees. Today, the outcome is very different. Bitcoin appears to be unchallenged, which means the constant spikes we’re witnessing may not be a fluke after all.
Somewhere along the lines, Bitcoin’s code and shielding mechanisms have strengthened. The coin has learned to fight back, and is finally being taken seriously in today’s financial market.
Turning of the Tide
If there was ever a time to let go and accept Bitcoin as a sturdy entity, that time has arrived.
Interestingly, the source above uses the words “dented confidence in the security of cryptocurrencies” when describing the recent incident. If anything, that confidence should be hitting its highest points right about now, as bitcoin continues to prove itself daily.
With each harsh challenge, bitcoin has pushed on to conquer the obstacles that would have otherwise sent it hitting the ground face-first just a short time ago. The stability is there, and our willingness to embrace bitcoin should rise to the occasion.
Words of Wisdom on the Future of the Bitcoin Price
Newfound praise and speculation is now stemming from top-ranking members of the financial community. Hedge fund manager Mike Novogratz, for example, is starting a $500 million investment firm for cryptocurrencies.
Previous sources have stated that bitcoin may hit $10,000 within six months to a year, but Novogratz is one of the first to suggest bitcoin will finish out the year at that price.
“Bitcoin is built on an amazing technology, and there’s a limited supply of it,” he explains.
“Bitcoin is the poster-child of the decentralized revolution.”
These words come from a man that Forbes marked a billionaire in both 2007 and 2008, So one can’t help but listen and consider his words with a clear and conscious mind. What the last few weeks have shown us is that bitcoin is eager to make its mark once and for all, and there’s a good chance it’s only getting started.
Do you foresee bitcoin hitting $10,000 by the time 2018 rolls in? Post your comments below!
Images via Pixabay, Bitsonline