The hike of the currency’s overall price is mainly attributed to the news that many countries, including Japan, Australia and Russian Federation, have either started making bitcoins legal, or have planned to make the cryptocurrency legal in the near future.

Bitcoin exchange service Coinbase suffered outages throughout the week due to a sudden surge in usage of the cryptocurrency, which is now floating at a record high. Google search data show that Indians’ search for the keyword “bitcoin” was at its peak soon after note ban.

Still with the crypto-currency now up 431% over the past year and 46,335% over the past five years to US$2,503 per coin there’s no doubt Bitcoin is in big demand right now. She said that many companies in the financial sector has given up on Bitcoin, but she was still a believer in it. Bitcoin, and indeed other crypto-currencies, are now an unstoppable force, and the investment community is taking notice and reacting with a mad-rush to anything related.

Legalities aside, Bitcoin has replaced gold as the vehicle of choice for people who distrust government of all kinds, like Eric Voorhees, who calls the U.S. Federal Reserve system fraudulent for continuing to create new money, from his current base in Panama. The low trading volume means there is a limited number of investors, what makes it easier for great investors to manipulate the market.

Bitcoin up 100 percent in under 2 months”.

According to an worldwide crypto news website, “The Japanese electronics giant OKI is launching a new “cash-recycling” ATM for emerging Asian markets to enables Bitcoin holders to withdraw local currencies from their digital wallets”. Just recently the government lowered the equity capital requirement for bitcoin companies working with remittances. According to Zebpay, a bitcoin exchange mainly for Indian investors, bitcoin is an emerging asset class, but with a volatile price. Duke predicts that the fourth wave will last 61.8% of how long wave two lasted and the new rally after the correction will begin in January.

According to a CNBC report, Monday marks the seven-year anniversary of what is believed to be the first ever bitcoin transaction. Last month, Blockchain CEO Peter Smith predicted its value will reach $500,000 by 2030.

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