Bitcoin price has skyrocketed in the last one year, and the growth in the last three months has been tremendous. A single bitcoin which was worth just $455 in May 2016 is currently at $2640.35 and speculated to exceed the $3000 price mark again by the end of June 2017.
Globally, Bitcoin has gained more respect from the regulators and has garnered positive comments about ‘blockchain potential’ by Minneapolis Federal Reserve President Neel Kashkari, attained legalisation in Japan and Bitcoin withdrawals were also resumed in China. The Chinese exchanges resuming the withdrawal option positively impacted the price and will continue to do so as investors regain the confidence in trading in the region.
Bitcoin’s move from the fringes of the society, to the mainstream, is important. The Asian market continues to be the major force behind the skyrocketing Bitcoin price. Moreover, the status of bitcoin as an investment haven in Europe, and the interest in blockchain technology further legitimises the crypto.
The developments in the Japanese and South Korean markets like Japan’s largest budget hotel chain Capsule Hotel starting to accept Bitcoin as a payment method works only to further consolidate Bitcoin’s future.
Japan is pioneering the mainstream acceptance of Bitcoin as this move was preceded by the implementation of Bitcoin by Japan’s largest budget airline Peach, the country’s most influential electronics retailer Bic Camera and the most widely utilised PoS system AirREGI.
The increased media attention and coverage are also driving Bitcoin’s move to the mainstream. The mainstream media is devoting more time and space for Bitcoin than ever. The recent Bitcoin front-page spreads on outlets like The Wall Street Journal is something unprecedented.
There are other factors like Australia’s dropping of GST on Bitcoin and investments from family offices and hedge funds which are also affecting the Bitcoin price. Further, the growth of the ICO space is bringing in new adopters and investments into the crypto industry, which is being considered as a part of the reason for Bitcoin’s growth.
Finally, Bitcoin already has a proven track record of being an investment haven in the times of great upheaval. It is being speculated that the political climate in the UK and the US can prove bullish for Bitcoin price. The Georgia election in America and Brexit talks and the Queen’s speech in the U.K. could prove positive for Bitcoin price.