Bitcoin continues its stellar run in 2019, as the price of the cryptocurrency approached $9,000 on Monday. It has been an excellent month of May for Bitcoin, as the price has risen to the highest level in a year. This month has been the best rally for Bitcoin since its amazing run in 2017, as the price of Bitcoin is up almost 70% in this month alone. Bitcoin has been in the news a lot in recent weeks and almost all of the news has been positive.
Greater Bitcoin Use
There is no question that one of the reasons that Bitcoin has spiked in price recently is because more marquee companies are starting to accept Bitcoin payments. AT&T said last week that they are going to start accepting Bitcoin payments and it wasn’t that long ago that Fidelity and E-Trade announced they would start supporting Bitcoin trading.
With more and more people starting to use Bitcoin, merchants are realizing they need to start accepting Bitcoin payments. “It takes two to tango. The more merchants that accept crypto encourages more people to adopt it and use it,” said David Tawil, president of crypto hedge fund ProChain Capital to the media. “That’s major.”
While Bitcoin is on a big run, some people are still wary because of what happened last year when the price of Bitcoin tanked. “This is still the thawing out from the crypto winter that was,” said Tawil to the media, “There still may be another pullback before we get to fundamentals truly taking over and speculators and frauds being expunged.”
$10,000 the Big Key
Many people believe that if Bitcoin hits the $10,000 mark that the cryptocurrency will surge much, much higher. Tom Lee, the head of research at Fundstrat Global Advisors said to his followers that he expects when Bitcoin hits $10,000 it will trigger a surge in buying by people who don’t want to miss out on the next run. There are also technical indicators that support a big price surge once Bitcoin hits the $10,000 mark. Tuur Demeester from Adamant Capital said that is the current trend continues that he thinks Bitcoin could rally to $11,000 by early next month.
The Bitcoin market has been crazy over the past couple of years. No one could have predicted that Bitcoin would hit nearly $20,000 and few people saw the nosedive that followed when Bitcoin dropped to about $3,000. The latest Bitcoin surge has seen the cryptocurrency nearly triple in price since hitting that low.
Not everyone is on board with a Bitcoin surge in price. Tone Vays, who is a trading analyst who is known for being a “bear,” said that he doesn’t trust the latest rally and thinks that Bitcoin could go 50% lower than current levels. He is one of the few analysts that actually think Bitcoin could be headed lower, as most believe that Bitcoin will continue to surge in price.
One thing we know for certain is that more and more people are using Bitcoin all the time. It seems that every day another major company is announcing that they will be accepting Bitcoin payments. It is hard to ignore major companies like AT&T and Office Depot accepting cryptocurrency payments. Those are just two of the many well known companies that are accepting Bitcoin.
Some businesses have been accepting Bitcoin for quite some time including Overstock.com and leading online sportsbook BookMaker. Overstock.com was one of the first companies to accept Bitcoin payments and BookMaker was one of the first leading online sportsbooks to incorporate Bitcoin into their payment methods. Most of the customers at BookMaker now use Bitcoin to make payments and withdrawals. It is easy to see why, as Bitcoin is not controlled by any governing authority and it has proven to be a reliable way to send and receive money. More companies are following in the footsteps of BookMaker and offering cryptocurrency payment methods to their customers.
Check out the latest Bitcoin deposit and withdrawal options at BookMaker today.
