Last week we predicted that Bitcoin pricing would go nowhere but up. We were right again.
On a global scale, average-high Bitcoin prices were slightly lower hovering tantalizingly below $8,000. By some indexes Bitcoin was within $2 of the $8,000 mark.
Regardless, today’s surge in Bitcoin’s price comes amid growing institutional investor interest as well as an overrated “hard fork” Friday that will introduce a new cryptocurrency for Bitcoin owners which will probably fizzle out as most do.
Bitcoin is entering the mainstream thanks to respected investors and proven companies who are entering the cryptocurrency foray. Square started a slow roll out allowing customers to buy and sell bitcoin a couple of days ago and a few days before that let’s not forget that The Chicago Mercantile Exchange announced plans offer Bitcoin futures sometime next month leading to a whole new slate of bitcoin investors . Last week Coinbase added 100,000 new users in a single day as they add new services catering to institutional investors.
Conventional thinking holds to the view that part of Bitcoin’s price jump in recent months has been thanks to anticipation surrounding the SegWit2x fork. As a hard fork results in the creation of a new cryptocurrency, each Bitcoin investor receives an equal number of whatever the new coin may be. For example, in an August hard fork, Bitcoin investors in addition to their existing cryptocurrency funds. The Bitcoin Cash blowup last weekend was short lived; Bitcoin Cash pricing returned to normal as Bitcoin itself rose to its highest peaks. And the Bitcoin Cash burst only happened as something of a rebellious reach to the plug getting pulled on the SegWit2x fork.
We hold to the view that Bitcoin is THE way to go when it comes to cryptocurrency investing over any other Bitcoin derivative. We’re not pouring cold water on Monero or Litecoin or Ethereum. Far from it. There’s tremendous value in other cryptocurrencies and there’s money to be made in other cryptocoins.