Bitcoin Forum

The $14 billion marketcap of Bitcoin is a good story for mainstream media. And the Chinese media did release stories as expected. But is the market really driven by Chinese capital market demand or it is just another bubble? You will see the real driving force at the end of this story.

http://news.8btc.com/chinese-factors-behind-the-14-billion-marketcap-of-bitcoin

End of the story states that...


So, do u mean, Bitcoin has reached 900 USD because of MMM?

Your images are broken. For example...

http://news.8btc.com/wp-content/uploads/2016/12/145229znhjdnnydo7ibr7y.jpg

i.e. http://news.8btc.com/wp-content/uploads/2016/12/145229znhjdnnydo7ibr7y.jpg

Apparently the general public still hates bitcoin.

Do you people think this ll continue going up? Does BTC s got any potential to reach $1k?

I don't think it's bubble. From the most beginning Chinese pay more attention to bitcoin that in remain world. And bitcoin developed there faster. I think they have their special culture about it and it's just can not be a fail.

That's the source of the pic
3M才是本次行情的幕后推动，币圈不要YY了
http://8btc.com/thread-44018-1-1.html

Likely, but 6400 is already a record high.

Latest surge in litecoin price where litecoin went up to $8 was because of some pyramid scheme in China, I wouldn't be surprised if something similar is helping bitcoin price right now.

So price is going up because ppl that are organizing pyramid schemes are using it? Cmon now...how large should those be to be main driving force?

i think it will still go up until the first of january and it will reach it 1000 k dollars in no time .and i think the market of bitcoins is growing day by  day. and it will be the currency of china.

I hope it's not a bubble, I've sold a few coins in this run but I am HODLING the majority of my stash for the long term. It'd be deflating to see us reach $1000+ only for the price to plummet several hundred dollars after.

I'm also hoping it's not a bubble either,some of the comments from this events dwells in the negative,like
.

I want Bitcoin price to rise naturally not because Chinese are pumping it,it could give bitcoin a bad impression,let's see what will happen in the coming weeks.

It can reach $1000, but it will take several months.

I think it can get to even 2000$ by the end of 2017

Very observant of you. But litecoin rise has been weiredly predicted by some threads on 8btc.

与其追涨比特币，不如加仓莱特币
http://8btc.com/thread-43937-1-1.html
(出处: 巴比特论坛)

Hell yes it's got that potential and more.  Look where we're at ($900).  It's not going to take much more positive sentiment to drive us above 1K and beyond.  Of course I say this with absolutely no evidence, but I think the momentum speaks, loudly, for itself.  And if China is behind it, so be it.  Everybody needs to pile in like one of those clown cars.

It is not just another bubble, the Bitcoin price is very, very undervalued, and what we are seeing is just the pressure getting out, I do believe a strong manipulation was needed to keep the price below current.. not otherwise.

China can may have around 2 million bitcoins now..more countries will follow..

Don't worry, if the price dips there is enough hungry hounds to buy it straight back up again....
Exponentially larger market for btc now than back in 2013

don't compare litecoin with bitcoin. litecoin daily trading volume is not at all comparable with bitcoin. and since the price is that much lower and market smaller, it can be manipulated so much easier. and the rise was full pump and doing the same thing in bitcoin takes a lot more than that.

I don't think that is the case. A large majority of the general public has never heard about the Bitcoin. Even among those who have heard about the coins, the opinion is mixed. Some people hate it, as Bitcoins are frequently used for ransomware payments and darkmarket purchases. But some others like it, for advantages such as protection against inflation, and anonymity.

I think BTC value is real not bubble once traditional currency is reducing value itself due to inflation or weak internal economy.
so to prevent currency reduction, They must keep Bitcoins  now.

That's what a economy man would do in his best judgement.

Good point. I don't think this is what's happening either. Most of the general public are still in the dark on Bitcoin. It's that like with all things digital catchy headlines about cases of illegal use of bitcoins draw more attention and tend to stick to their minds for a long time.

I find that hard to believe either. Yet bitcoin's liquidity is inherently low, so any major spike in demand may cause a rally like this. According to bitcoin market analysts, it would take a one-time purchase of just $1M to $1.5M to move the price.

It is true because bitcoin price is volatile. Just like what happening to the price right now. It keeps pump/dump. 1m$ bulk purchase of btc is really happening right now. Just watch the trading history on polo

Who is general public ? Obviously we are. But we are all love it.
This 14 billion cap is not built by dev alone so that we can say public is not contributing in this. Even 90% of people are not aware of bitcoin yet, bitcoin's growth is already in rapid pace. So, when it goes down to 50% we may not just imagine the market cap.

Chinese are playing a key role in keeping bitcoin at high price. They account a large volume in trading as well as mining bitcoin. No doubts about that. I think in 20 years you will see Indians coming up to the same level as Chinese. I am saying this because India is 20 years behind Chinese and bitcoin is gaining traction slowly in India.

That is right. When I told my friends about the bitcoin, they think it is a Ponzi.

I think that is not right. General people who are brain washed by banking institutions dislike bitcoin. But this is changing when more and more people realize the power, freedom and advantage bitcoin offers.

The change is slow, but it is changing.

Yes, bitcoin is widely used by hackers and malware developers, but that is not the fault of bitcoin. Fiat cash is used for drugs, crime, terrorism and bad things, I can't find anyone blaming fiat cash as the reason for it!

That is right. Cash is the king for drug dealing.

That could be true at the time. But the influence has reduced a lot recently.