3 Reasons Bitcoin Is Surging 70%+ This Month
The rise of Bitcoin has been relentless this month with bitcoin prices reaching yearly highs. Bitcoin Price Live has discovered three potential reasons for the price increase:
1) The Economist – On the cover and a feature article
2) MMM – A Russian ponzi scheme involving bitcoin
3) Chinese capital controls – bitcoin as a safe haven
A shocking cover for The Economist features Bitcoin
The Economist took awhile to catch on to the technological developments behind bitcoin. Since they have taken notice, it is all praise lately.
See for yourself in the lead article of The Economist.
Russian scammers target bitcoin with MMM
As you might expect, some people attribute the rally to a ponzi scheme. This time, not in bitcoin itself, but a group called MMM. The company is run by a known Russian criminal.
The full details of the scam are detailed in this linked post.
It works under the guise that you help people with your bitcoins. You put in a certain amount, and receive the coins back with interest – a classic ponzi scheme. You can check out their website but just do not sign up!
Here’s their pitch:
YES, IT IS POSSIBLE TO EARN 100% PER MONTH HERE, BUT THIS IS NOT A HYIP!
This is a community of ordinary people, selflessly helping each other, a kind of the Global Fund of mutual aid. This is the first sprout of something new in the modern soulless and ruthless world of greed and hard cash. The goal here is not the money. The goal is to destroy the world’s unjust financial system. Financial Apocalypse! Before you join, be sure to be acquainted with our IDEOLOGY!
Chinese Capital Controls Come Help The Bitcoin Surge
Leave it to the Chinese to run up the price of Bitcoin. This time the culprit is capital controls; making it harder for the Chinese to move money.
Check this Zero Hedge article for the full details.
however if a few hundred million Chinese decide that the time has come to use bitcoin as the capital controls bypassing currency of choice, and decide to invest even a tiny fraction of the $22 trillion in Chinese deposits in bitcoin (whose total market cap at last check was just over $3 billion), sit back and watch as we witness the second coming of the bitcoin bubble, one which could make the previous all time highs in the digital currency, seems like a low print.
Do these three reasons seem to be driving the price, or is it another factor? Leave us a comment below!