Bitcoin Leaps ahead and breaks the 600 USD barrier

It’s only a number, but it took a while to get back to it

Good day to you all!

Bitcoin shows signs of picking up the last two days as it zooms past the 600 USD mark and pushes forward.

This is a result of a surge of new purchases of the digital currency from China especially – even in light (or maybe dark) of the recent government steps taken to diminish bitcoin transaction in this superpower.

But, it’s also driven by the rise of business investments and opportunities both from known companies (Amazon is showing definite signs of adopting bitcoin as payment method according to a new patent application, in spite of its public claim that it will not do so, and Paypal has been working on a multi-coin digital wallet that will support bitcoin), as well as statements from big-name investors and big-name financial experts. Some of them still doubt bitcoin viability for the long term, but none of them is as adamant as they were about it a year ago.

Next milestone will be the 1200 USD mark. It seems exaggerated, but not so much when you see that bitcoin achieved over 60% rise in the last month and a half. A value of 1200 USD will break the psychological barrier that many have been fighting against since it rose to that height just to touch it, and then quickly fall down again. Also, it seems that that rise was influenced by a massive buy move made by a robotic program inside the infamous MT. Gox bitcoin exchange. That program went on running and buying even when the exchange was closed for business for anybody else which strongly suggests it’s been running from inside the exchanges own servers.

It may also explain the drop in value and rut that went on for a while after MT. Gox closed for business. However, now (hopefully) there are no evil robots mixed in the fray, and this rise is all due to the renewed understanding of people that Bitcoin is a great alternative for state money.

Let me know what you think!

Comments

Say Something, or email me at oren@eyalo.com

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Loading Disqus Comments ...

No Trackbacks.