Bitcoin Surge – What is Causing it? – Does it Have Ceiling?

Bitcoin is a preferred way to fund offshore sportsbooks and casinos. And for this reason we pay attention to the crytpocurrency market. Everyone knows about the wild ride that Bitcoin had a few years ago and its “little train that could” struggle to reach even half of its all time high value.

This spring sees new life for Bitcoin. It surpassed the $5,000 mark a month ago for the first time since November. And it has been on an upward trajectory ever since. Today it is trading right around $6200 per unit. All this in the face of some serious bad news from the sector:  Hackers Steal $40M from Binance – Bitfinex Covers Up $850M Loss

Investors and users of Bitcoin, as well as other cryptocurrencies, better understand the currency now. They realize you can store your currency in cold storage and take other steps to all but insure your currency is totally safe. So, most educated crypto-investors look at these thefts and losses as being the main feature at amateur night.

What is Causing the Rise?

All the old-school finance nerds try to place traditional models into Bitcoin but they always seem to fail at predicting anything. “Pullbacks”, “surges” and “moving averages” are all words and terms they use to explain that they don’t know what the hell is going on. But, you cannot blame them for trying. It is their job and cryptocurrency is a entirely new money.

In reality, the longer that Bitcoin is active and relevant, the more money it attracts. The more it gets used to send and receive money, the more faith people have in it. The population growth ensures that young people flood the financial market all the time and they are not afraid to work with cryptocurrency. They know that it is the future.

Stock Market Money

The stock market took a beating last week after President Trump announced a new set of tariffs on Chinese goods. You can bet that some or many of those thousands of people that pulled money out of the stock market dumped it into crypto.

Does it Have a Ceiling?

The short answer is no. Although Bitcoin won’t quite hit the $1M mark that John McAfee has predicted anytime soon, it will continue to rise. Like I said, young money and new money will continue to pour into the crypto market and Bitcoin is king. The competing cryptocurrencies have mostly stagnated and many of the newer cryptocurrencies with promise have been plagued by a flooded market and infighting within the industry. Bitcoin is the venerable option.

I won’t try to predict the value of Bitcoin one year from now for fear that I may be guilty of being one of those financial-model-using nerds I mentioned earlier. But, what I will say is that it will be higher than it is now.

The BTC over-under futures bets are currently off the board but I will give you the list price of what they were just a few weeks ago. The short odds are it being between $5,000 -$10,000