According to Bloomberg, the main reason for the current rise of the price of bitcoin is Wall Street.
Edward Robinson, the analyst from Bloomberg television, said that more and more banking clients are interesting in digital cryptocurrencies after they saw the bitcoin growth graph for this year.
Robinsons said: “I think Wall Street is responsible for the growth of bitcoin because after every announcement that Wall Street would consider bitcoin as a new commodity, the price jumps up.”
There is an ongoing discussion whether bitcoin is more attractive than the precious metals and one of the most important investment banks in the world – Golden Sachs seems to be occupied with this debate after its executive director suggested an open approach to cryptocurrencies earlier this month. Analysts pointed out that the traditional means are still important despite their lack of profitability.
There are other theories related to the rise of the price of Bitcoin this month. The two announced hard forks, Bitcoin Gold and SegWit2x should influence the price volatility, similarly as the previous hard fork in July, called Bitcoin Cash.
Analysts are optimistic, especially after China’s influence on bitcoin is gone. They estimate a rise up to 6000 dollars by the end of this year, and a significant short term rise at the beginning of 2018.