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This is what's driving the bitcoin boom

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The price of a bitcoin doubled last year, and has doubled again so far this year to around 2, dollars. There are several key factors driving the current bitcoin boom. Amid global political and economic uncertainty, investors have been turning away from traditional stock and bond markets, which have been shaken by big events from the Brexit vote to the US presidential election.

Ron Quaranta, Chairman of the Wall Street Blockchain Alliance, told Bloomberg that institutional investorssuch as banks, insurers, pension funds, hedge funds and asset managers, are beginning to view bitcoin and its rival cryptocurrency ethereum as a new type of investment.

He also believes that what investors are really betting on is the success of blockchain — the groundbreaking technology behind bitcoin. The bitcoin surge has been driven in part by increased investor interest outside of the US, particularly in China, South Korea and Japan.

There is also speculation that wealthy Chinese investors are using the cryptocurrency as a way of getting around controls that limit capital outflow from the country. And we may well see an official bitcoin exchange-traded fund in the near future. Although the proposed fund was initially rejected by the US Securities and Exchange Commission, the regulator is reviewing its decisiona move that has further pumped up confidence.

Despite being dismissed as a passing fad, bitcoin has been gaining in popularity and legitimacy. In Japan, for instance, new legislation allows retailers to begin accepting it as legal tender. And the Russian government, which was previously hostile to bitcoin and other cryptocurrencies, is making moves towards accepting them.

Many banks now trust bitcoin enough to use it for payments. CNBC reports that 10 financial institutions signed up with cryptocurrency platform Ripple in May to send real-time international payments. A growing number of retailers accept bitcoin. A recent Cambridge University study estimates between 2.

Bitcoin is ethereum to overtake bitcoin by 2018 says crypto hedge fund ceo without its issues. Bitcoin technology is not owned by anyone, so any changes have to be agreed by the bitcoin community. However, a bitcoin scaling agreement was recently reached by the Digital Currency Group, which represents 56 companies in 21 countries, at the blockchain technology summit Consensus Bitcoin is not the only cryptocurrency that has soared in recent weeks.

Its rivals, including the number two cryptocurrency ethereum, have also hit record highs. But some argue that this is a bubble waiting to burst. Bitcoin is a volatile and risky investment. And a few weeks or months from now, its price may look very different.

Alex GrayFormative Content. The views expressed in this article are those of the author alone and not the World Economic Forum. We are using cookies to give you the best experience on our site.

By continuing to use our site, you are agreeing to our use of cookies. Global Agenda Future of Economic Progress Innovation Financial and Monetary Systems This is what's driving the bitcoin boom Bitcoin is a relatively liquid asset, which means that investors can get in and out quickly, taking advantage of any price gains.

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