Why Bitcoin Prices Are Going up Again!

Bitcoin prices have again jumped from around $400 to $652 in the last few weeks. Like last year, summer is the best time to trade Bitcoins. It is expected that the price can reach $800/1000 easily. Is Bitcoin the next gold? You never know. Gold prices are continuing to decline. Recently Bitcoin price has exceeded the gold price. You should also read this article on Yahoo Finance which reported that Bitcoin jumps on Apple’s seal of approval as Apple Executives hinted that Bitcoin Apps may soon become available on Apple App Store. This can be taken as a strong signal that this cryptocurrency is here to stay and is slowing recovering the ground that it has lost in the last few months especially after the Mt. Gox saga.

You should also read this CNBC article-Bitcoin is back: Price quitely jumps back. It seems that this cryptocurrency is quite resilient. This is what the article reported:  The price of a bitcoin hit a low of $360 in April and had been hovering around $450 since April 25. But it started breaking away on May 20. It now sits at $665, according to CoinDesk.

The exact reason for this move is hard to pin down. The Bitcoin2014 Conference in Amsterdam drew to a close three days before the upswing started, and it featured some positive outlooks for the cryptocurrency from its 2,000 attendees.  “The fact that you have 51 countries (represented at the conference) and all of them have something positive to say about developments in their countries—maybe this helped show that bitcoin is bigger than just the U.S., China and England,” said Micky Malka, a general partner at venture capital firm Ribbit Capital and a board member of conference host Bitcoin Foundation.