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Bitcoin cost is nearing $3000

June 9, 2017
2 min

In the early hours of Tuesday, on June the 6th, the weighted average exchange rate of bitcoin was close to a vulnerable mark of $3,000 per coin.

This was expected and predicted by many experts in the long term.

The surge was caused by the activity in Asian markets, such as the Japanese BitFlyer exchange, the Korean Bithumb exchange, and the Chinese stock exchanges, OKCoin and Huobi, which recently resumed withdrawal of funds and returned to active trading. Today, these sites demonstrate an increased demand for bitcoins, so its price is much higher than on European and American exchanges. For example, the Chinese currency exchange, OKCoin, registered a maximum of 20460 Yuan ($3007.59) for a bitcoin.

Also, traders note an increased role of "Bulls" recently, which has begun actively buying bitcoins at foreign currency exchanges, speculating for a rise. This also contributed to an explosion of the cryptocurrency value.

And the third factor influenced the growth is called the cryptocurrency legalization in Japan, that happened in April this year. Under the new law, the bitcoins can now be managed on charge-back basis. And today, the Japanese Yen and the South Korean won account for about half of all exchange transactions.

In addition, nowadays bitcoin is considered as a way of investing. The founder of the brokerage company, Mike Maloney, argues that only cryptocurrency will protect traders from the next financial crisis that will obviously happen soon. Therefore, being independent of political uncertainty in the world, the current bitcoin has undeniable advantages for investors.

Bitcoin's course rate chart due to the US dollar

Data as of 07/06/2017 4:00 pm MSK

Many experts and financiers predict a great future for bitcoin.

Arjun Kharpal from CNBC believes that in 10 years, one bitcoin will be about $100 000.

Kai Van-Petersen, an expert on the global macro strategy at the Danish bank Saxo, also agrees with the previous opinion. He predicts the growth of bitcoin to the level of $100 000 within 10 years, which will mean an increase of 3483% from the current record high.

In an interview with CNBC, the head of Global Investment Fund Advisors Bitcoin, Daniel Masters, said that within 8-14 months, bitcoin can reach the rate of $4 000.

Ventses Casares, CEO of the Xapo crypto currency wallet and a member of the PayPal board of directors, predicts that the cost of bitcoin will be $ 1 million in 10 years.

Previously, the Snapchat investor, Jeremy Lew, and the Blockchain CEO, Peter Smith, predicted that by 2030 the cost of bitcoin would reach $500,000.

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