Bitcoin has definitely taken the online world by storm. For one thing, it has managed to rise significantly in price. Some indexes list the cryptocurrency at $788.79 with others listing it at a staggering $796.05. This is the highest in price that bitcoin has been listed at since early 2014.

Was BitCoin Always So High

There were some points when bitcoin was in a downward spiral from its high price of $1200. However, this did not take away the confidence that people had in this currency. The expectations that it will rise to higher prices were still high.

The Factors Behind The Rising Price

When looking at the reasons for the rise, one is going to find several factors at play. One major factor was the Brexit vote. The exit of Britain from the European Union has resulted in huge demand for Bitcoin. As a result, prices started rising. Many investors were anticipating an economic downturn for Britain. This has led them to look for methods of asset protection. Therefore, a ton of assets were converted to Bitcoin.

The Bitcoin Demand

One major advantage to bitcoin is that it is resistant to economic changes. For one thing, bitcoin is global by nature and is therefore not limited to any country. Bitcoin is driven purely by demand. The growing demand results in rising prices. One other country that has boosted the value of bitcoin is China. Chinese investors have been looking to bitcoin because of the capital controls of Beijing.

There have also been plenty of other scary occurrences such as Trump’s victory. This has resulted in many investors looking for ways to secure their assets. Bitcoin has turned out to be one of the most viable options available.

Trust In Bitcoin

There are more factors that have driven up the price of bitcoin than just worldly concerns. Another factor in the rise of bitcoin is the trust that it has gained in the years it has been in operation. Bitcoin has been available for almost eight years. As a result, people are starting to get comfortable with the currency. Many people have observed the currency in order to see how it performs. The results have not been disappointing. Bitcoin has shown a lot of promise to the investors. Therefore, people are more willing to use it for many different transactions.

What This Means For Bitcoin Holders

The rise in price is very comforting for bitcoin holders, especially those that bought and held onto it at $200. This is an example of patience being rewarded. This means a lot of profit for bitcoin holders.

Bitcoin Gambling

People who gamble with bitcoins can also enjoy the rising price of bitcoins. They are able to get more value for the bitcoins they spin. Given that there is a set price for slots. As a result, rising prices in bitcoins could also mean rising value in jackpots.

Jump On Bitcoin

Bitcoin is showing more reasons each day that it is worth using. While plenty of people still do not know what it is, more people are learning about its value. People can use it for many purposes including protecting their assets. Another advantage is that there is no third party. Therefore, one is able to receive his money within hours as opposed to having to wait days to receive their money. Bitcoin is very reliable for many different purposes, and it is very simple to use.