Bitcoin hit a staggering record as of this Thursday, October 12th, shooting above $5,200. This is shocking given the recent comments by JPMorgan CEO Jamie Dimon who recently referred to the currency as a “fraud.”
The currency hit a low of $2,985 during the middle of September, which shows how impressive the recent gains are above $5,200. It is not fully clear why the currency is coming back in such a strong way, but there are a few reasons that may help to explain it.
Investors have begun to bypass the forks that were in the core bitcoin, and have begun to see returns on their investments reaching fairly high amounts. The number one cryptocurrency bitcoin, is helping to raise the price on its younger brother, Bitcoin cash.
Another reason that the coin may be increasing is the resurgence of Chinese bitcoin exchanges. Charles Hayter, the CEO and founder of CryptoCompare stated that the increased amount of speculation around whether or not Chine will make a cryptocurrency of their own. Given the ban, it seems like the country may be working on some sort of internal currency.
Another rumor that is helping to increase the market is the speculation that Amazon may be entering the market space by accepting cryptocurrency. According to a recent post, Amazon could see itself accepting Bitcoin in the near future as well as other sites including Alibaba Group Holding Ltd., following suit.
Many are in the place of fearing on missing out on the opportunity to invest in bitcoin. Because of the recent shoot-up in price, many people fear that they will miss out on making such a large profit.
Hopefully, the market will not prove to be a bubble, and will continue to provide steady gains for those who chose to invest.