Does anyone know the actual reasons for Bitcoin’s ascendency anymore?
Some people attribute the rise due to the backing of Silicon Valley. Other’s say the Chinese are using it for illicit reason, to launder money out of the country. I tend to view this run as more of a phenomenon that comes across the investment landscape once every decade or so. Look, they even have Bitcoin ATMs in shitty corner stores in Brooklyn, NY.
According to Coindesk, today’s 4% move can be attributed to Japanese demand.
Just last month, the Japanese government recognized Bitcoin as a form of legal tender — which essentially means it’s now legal in Japan. This has opened the cryptocurrency up to large Japanese institutions, like SBI Group, for investment.
An analyst with an obvious bias, George Kikvabze from Bitfury, thinks Bitcoin can trade to $5,000.
He mentioned some gibberish about Segwit. Pardon me, I am not well versed in the ludicrous world of fake currencies.
“Just finished a two-week roadshow with investors. Message: We love Bitcoin but need to sort out scaling before we massively invest. Active SegWit!,” said Kikvadze.
God have mercy on my soul for what I am about to say, but Brian Kelly, aka BEAKERS from CNBC, is now a hedge fund manager specializing in Bitcoin and he’s out with some boolish commentary regarding the price surge.
Source: CNBC
“The biggest driver right now is you’re starting to see institutional investors take a keen interest in the entire sector,” said Brian Kelly, founder of Brian Kelly Capital, which recently launched a digital assets fund for outside investors.
“I don’t think this is hot money. This is real money that’s going to sit around and build the new internet,” Kelly said, citing his conversations with institutions and other investors. He also noted that consensus in the bitcoin community has moved in the last several weeks away from Bitcoin Unlimited — which would split the currency into two coins — and toward an upgrade of the existing system, known as Bitcoin Core.
Does it really fucking matter at this stage? The god damned faux currency is out of control to the upside. Everyone is sucking its dick. It will go up forever. Happy?
#Bitcoin, the mother of all cryptocurrencies, showing its strength. pic.twitter.com/USKEMkdWQK
— Henry Brade (@Technom4ge) May 2, 2017
For you stock-fags hoping to play this, you’re only outlet, thus far, is bitcoin ETF GBTC.
The lack of comments says it all – no one cares. Perfect conditions for higher prices.