Bloomberg’s Edward Robinson has reported that demand from Wall Street has fueled the recent growth seen by Bitcoin and other cryptocurrencies.
China’s recent bullish behaviour towards Bitcoin and other cryptocurrencies prompted a panic that saw the price of BTC drop back down below the $3,000 USD mark for a short while before rebounding to reach a new high above the $5,000 USD. While some have cited excitement ahead of Bitcoin’s next fork as the reason for the stunning growth, Bloomberg’s Edward Robinson has attributed the drive in demand from Wall Street.
Speaking on Bloomberg TV, Robinson quipped that banking clients had expressed renewed interest in Bitcoin following evaluations of its growth in 2017, and commented that “Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”
Major investment firm Goldman Sachs has recently begun weighing up the worth of precious metals versus that of the popular cryptocurrency, with CEO Lloyd Blankfein quipping recently that he had begun pondering the worth of Bitcoin as an investment.
Still thinking about #Bitcoin. No conclusion – not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold.
— Lloyd Blankfein (@lloydblankfein) October 3, 2017
Bitcoin may yet see some interesting days ahead before the close of the year – the cryptocurrency will need to navigate a hard fork through the emergence of Bitcoin Gold on October 25th, and may yet have another hard fork pending the implementation of SegWit2x.
Of course, China’s stance on Bitcoin may soon change as the nation’s government is rumoured to be considering the reinstatement of several Bitcoin exchanges should they be officially licensed to operate within the country.
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