[2017-10-17] Wall Street Driving Bitcoin Price 6k Surge, Says Bloomberg

[moriskarlov]

Wall Street is driving Bitcoin’s price rise this month according to Bloomberg, even as Goldman Sachs still picks gold over crypto.

In comments on Bloomberg TV, the publication’s analyst Edward Robinson said bank clients are “knocking on the door” after seeing charts showing Bitcoin’s 2017 growth. He commented:

    “I think Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”

The debate over Bitcoin’s attractiveness versus precious metals meanwhile is becoming a preoccupation for major investment bank Goldman Sachs.

After its CEO suggested an open-minded approach to crypto earlier this month, analysts at the giant nonetheless said traditional assets were still “important… despite their lack of yield.”

“They are neither an accident or a historic relic,” Jeffrey Currie and Michael Hinds added.

Other theories explaining Bitcoin’s rapid appreciation towards $6,000 in October are more reactionary. The upcoming two hard forks of the network, Bitcoin Gold and SegWit2x, are expected to produce significant price volatility in a similar manner to July’s Bitcoin Cash.

Nonetheless, analysts from within the cryptocurrency space have remained broadly bullish as China’s impact waned, predicting a solid $6,000 price tag by the end of the year and significantly more in the later short-term.

https://cointelegraph.com/news/wall-street-driving-bitcoin-price-6k-surge-says-bloomberg

[Kemarit]

LOL. Everyone is really driving the price to $6K although we are seeing a correction right now. So with this news, it is safe to say that there are two opposing front in Wall Street right now? One is calling bitcoin a fraud and you are stupid if you are investing on it, and on the other hand bullish Wall Street who see a lot of potential in bitcoin as an assets and a instrument of investment. And those who are really on the bitcoin side doesn't cover this face and see that bitcoin has really the potential to make someone huge amount of money. Unlike someone who continues to attack it, but nevertheless secretly buying it at the side.  . There will a never ending debate on that side. Let's see how's gonna be on top.

[tiggytomb]

I don't think it's just Wall street, there are many factors outside of Wall street that are pushing bitcoin, not everything revolves around Wall street 😁

It does look as though many in that world are starting to take notice of bitcoin and new money is coming in from the big boys.

[Lieldoryn]

It seems to me that the analysts of wall street can not do anything clever to say in relation to bitcoin. It is completely outside their jurisdiction. But they can't admit it publicly. That's talking nonsense. Bitcoin live their lives and breaks all the stereotypes.

[okae]

Well, obviously, all those news on tv from all those guys attract the interest from those skeptical people who always hear about bitcoin like something "bad", but this does not mean that the incremental price of bitcoin is because of wall street.

Let them talk about it, let them think that is because of his powerful wall street the reason about the incremental price...soon or later people will wake up.