Bitcoin up to new Heights
We recently reported about the incredible rise and bright future of Bitcoin.
Bitcoin continued to crush and rose within only 4 weeks from $1,724.04 to a new all-time high of $3,012.05, which was also the first time in history that the digital currency exceeded the $3,000-Mark.
Price explosion due to increased demand from China and Japan
Experts such as Saxo Bank predicted as early as December 2016 this price explosion of Bitcoin due to President Trump’s spending binge and the Dollar rally.
Asian investors seems to have listened closely and followed the buy recommendation.
Especially in China and Japan a huge rise in demand for the crypto currency was felt. In China the Bitcoin trading volume reached CNY21.708 billion (US$3.193 billion) in May, which is more than four times as much as in April!
In Japan a new regulation was introduced, which treats Bitcoin as a legal payment method, which obviously lead to a huge demand among Japanese traders.
Bitcoin could reach $100,000 in 10 years
This week, Kay Van Petersen, the same analyst of Saxo Bank, who predicted the ongoing price explosion of Bitcoin, said that the digital currency could rise as high as $100,000 in 10 years of time:
“Bitcoin’s price has the potential to hit over $100,000 in 10 years, which would mark a 3,483 percent rise from its recent record high.”
Van-Petersen is assuming that cryptocurrencies will account for 10 percent of the Average Daily Volumes (ADV) of fiat currency trade in 10 years.
ADV currently stands at just over $5 trillion and ten percent of $5 trillion are $500 billion. This is the ADV that cryptocurrencies could have.
Bitcoin here to stay
Monetary experts agree that this is just the start and that Bitcoin is here to stay.
BKCM founder and CEO Brian Kelly said that Bitcoin:
“Is in the first years of what is likely to be a multi-year bull market and despite the possibility of price corrections and fluctuations Bitcoin is here to stay.”
With this prospect and the fact that more and more online poker rooms are adding and accepting Bitcoin now as a payment method, we highly recommend you to buy Bitcoin now as it will continue to rise.
Find out more about Bitcoin and how to use it for online poker here: