Hi everyone, Jonathan here with a quick bitcoin news update. There has been a lot of speculation that the bitcoin price may hit US$1000/BTC by the end of this year.
Well, it may well be coming true and here’s why:
First of all, China is slowly showing its dominance in the bitcoin market by becoming the highest volume bitcoin exchange (BTC China) at the end of Oct 2013, beating well established exchanges, Mt. Gox and Bitstamp. (1)
Secondly, its main exchange, BTC China has recently received $ 5 million funding from Lightspeed China Partners and Lightspeed Venture Partners to develop its infrastructure. This further confirms that they are ready to be the no.1 exchange in the world. (2)
Finally, the US Senate has considered bitcoins as a viable currency during a recent hearing. (3)
In fact, over the past few weeks, the price of bitcoin at btc-e has increased by over 350% from US$198.90 on 2 Nov to close to US$700 on 19 Nov, 4pm (GMT +8).
Have you got any other ideas that may be contributing to the growth of bitcoin value? Feel free to add on to the discussion. I would love to hear from you.
To your bitcoin trading success!
1. Why China wants to dominate Bitcoin – Nov. 18, 2013 – CNN.com
2. Why China is Leading the Global Rise of Bitcoin – Coindesk.com
3. BBC News – ‘Legitimate’ Bitcoin’s value soars after Senate hearing
Last Updated 19 Nov 2013