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Reactive Analyst Comment: Bitcoin Hits $1500
Mati Greenspan, Senior Market Analyst, eToro said:
“The Bitcoin landmarks are coming thick and fast now. Crossing the $1,500 mark for the first time is an important moment for the asset. The rise of Bitcoin this year has been remarkable. At the start of the price was below $450. Bitcoin traders on eToro have done very well out of the price surge, we’ve seen 15 consecutive months of over 80% of Bitcoin traders buying the asset.”
“This isn’t the first time Bitcoin prices have accelerated rapidly over a sustained period. Back in 2013 Bitcoin went from $5 to $1200 in a few months. In 2013 the rally was succeeded by a steep drop I value and then a slow decline, from which the price has now fully recovered. Much has changed since then as more and more is understood about the technology behind cryptocurrencies and the potential for real-world applications.
“It seems that the tipping point for Bitcoin will come from Japan. Just yesterday it was announced that ten new companies will be opening exchanges in the country. Think about it like this. The Japanese Government is actively trying to devalue the Yen in order to discourage people from saving money. On the other hand, they’ve just made bitcoin a legal currency for savings and transactions. If you lived in Japan, what portion of your savings would you choose to invest in Bitcoin?
“These kinds of real-world applications and incentives provide the scope for continued rises in the price of Bitcoin. Expect more landmark moments to follow.”
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