[20016-05-31] 3 Reasons Bitcoin Is Booming Again, Price Nears $550

[sirohige]

Here we go again. After a long stretch in which the price of bitcoin held stable, the world’s most famous digital currency is on the move again—and this time it’s heading straight up.

On Tuesday, bitcoin was nosing towards $550 per unit, which is even higher than August 2014, when bitcoin prices reached almost $533. The recent move also ends a six-month period of relative tranquility in which prices mostly hovered between $350 and $450.

Reason 1: Mining bitcoin is about to get more expensive

Reason 2: Hype over a new digital currency is reigniting interest in bitcoin

Reason 3: China, China, China

http://fortune.com/2016/05/31/3-reasons-bitcoin-is-booming-again-price-nears-550/

[richardsNY]

You seem to forget something very important.

Reason 4: Block halving, which is coming closer and closer, and thus the hype and speculation gets more intense.

[classicsucks]

You seem to forget something very important.

Reason 4: Block halving, which is coming closer and closer, and thus the hype and speculation gets more intense.

Halving is a fairly technical issue that most people don't understand.

The Chinese are devaluing the yuan, that's something that people understand quite well... this type of buying is like a precious metals hedge against inflation.