If you check crypto trading sites such as Coinbase, you may be wondering whether the bitcoin bull is back. The price is certainly on the rise and Susquehanna’s Bart Smith posits that the China and U.S. trade war, Consensus 2019, and brokerages offering bitcoin to retail customers, as reasons for the bitcoin boom (see link below).
These are all good reasons but share a common theme, in that they are temporary trends. Notwithstanding this, the third reason cited by Smith is indicative of changing market perceptions and demand.
Ultimately, for bitcoin to reach its potential it needs technology (decentralised applications), demand and compliance to move together. Only when these parts work together will bitcoin eventually start exceeding the levels reached in 2017.
The Bitcoin Price Has Skyrocketed Over the Past Month for These 3 Reasons