Why the bitcoin price spike in October 2013?
The recent bitcoin price spike caught many off guard.
We look at why the price spike occured:
CHINA – Government backed Baidu (the Chinese answer to Google) have announced that they are officially accepting Bitcoin as payment for selected security services.
This in itself is not that significant but along with the launch of Baidu’s online wealth management platform, with which they will be challenging the likes of Alibaba and Tencent Holdings.
It indicates a serious interest from the State owned technology companies in providing financial services on-line and evolving the way financial services are perceived and used by every day citizens.
The Chinese are serious and they have the resource to to rapidly adopt technology and the social drive to support country wide acceptance.
How much impact these events will have on the Bitcoin valuation and how long for, is anyone’s guess, but it’s an undeniable fact that the awareness of bitcoin is increasing daily.
USA – WASHINGTON (AP) — “With rising anxiety in the markets at home and abroad, Congress and the White House moved perilously closer to a default on Monday 17th Oct ’13, with much of the government closed and Senate Democratic and Republican leaders still at odds in negotiations to end the crises”
The US $ has been and still is effectively the “world currency” and reports about a possible US default (even cosmetic) is bound to send investors scuttling for alternatives – Bitcoin is bound to come up on the radar, and again this results in the undeniable fact that the awareness of bitcoin is increasing daily….
SOUTH AFRICA – BITX Pty LTD is sold for an undisclosed sum to South African Software Company Switchless. Whilst the African market is comparably almost non-existent, interest in digital currency and payments, is picking up rapidly. A very familiar pattern is beginning to emerge…think …PayPal…Elon Musk…South African. Will Timothy follow in Elon’s footsteps? Who knows, but it’s an undeniable fact that the awareness of bitcoin is increasing daily….
UK – With the first credible suitor to the title of “UK based Bitcoin Exchange” stepping up to the plate on Tuesday 29th October 2013 rumours have been rife. The news of a UK based bitcoin exchange will bring all sorts benefits, from a PR and market credibility point of view.
We heard on the grapevine that bot trading, market making, institutional investment features, full featured api’s, UK based support and compliance over and above regulatory standards, are all buzzwords flying around in their headquarters.
We can’t say much more, but when the coin drops, make sure it’s not on the floor! Who knows how the market will react to the launch, but it’s an undeniable fact that the awareness of bitcoin is increasing daily.
The bitcoin eco-system is growing
The bitcoin eco system is growing, little by little, somewhere out there, there are really clever guys (and girls) working on the one amazing project that will cement bitcoin into the history of mankind… who are they? what are they working on?
Who knows, but it’s an undeniable fact that the awareness of bitcoin is increasing daily….
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