3 Reasons Why the Price of Bitcoin is Surging The digital cryptocurrency hit an all-time high of $305 early this morning. Read more: Bitcoin Price Skyrockets: 3 Reasons Why | TIME.com http://business.time.com/2013/11/07/3-reasons-why-the-price-of-bitcoin-is-surging/#ixzz2kIi3NpxA
The price of Bitcoin, the digital cryptocurrency favored by hackers and privacy buffs, has experienced a steady uptick over the past few weeks, hitting an all-time high of $305 over night. That number shatters the currency’s previous high of $265, which it reached in April 2013 before the bubble burst and its price tumbled back down to $60. The conversion tool Preev currently lists Bitcoin’s price at $296. Why the sudden increase? Here are three factors:
1. Wider mainstream acceptance
The cryptocurrency has faced its share of detractors and those who think it’s just a sophisticated way to launder money and purchase illegal drugs. But many well-known retail outposts have begun accepting Bitcoin, which will go a long way toward legitimizing it.
Besides online vendors like WordPress and Reddit, Thuisbezorgd, a Dutch company that arranges home delivery for a huge chunk of local restaurants, announced on Tuesday that it is now accepting Bitcoin. Various American brick and mortar enterprises have also begun accepting it, like the New York City bar EVR and a New Orleans-based antique shop.