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Bitcoin breaks the price of 1000$

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Bitcoin price goes over 1000$

Bitcoin broke the limit of one thousand dollars today, this means the market cap currently exceeds 12 billion dollars.

The value of Bitcoin has seen an accelerated growth over the last few months. In January this year the value of a bitcoin was under twenty dollars and in April it peaked at 266 dollars before it quickly corrected to 50$. Since then Bitcoin has been on the rise, it has been around a hundred dollars for a long time until it started growing again exponentially in October. On November 17th it passed 500$ for the first time and now, not even half a month later, it passes 1000$

Global acceptation

The growth of the value can be explained in many ways but seems to have mostly happened due to interest of Chinese investors and accepting words from the CEO of the Chinese central bank. Bitcoin’s value is usually higher on the Chinese exchanges then on the rest of the world which shows that there is great interest from the Chinese in general. The Chinese are a money saving nation and see Bitcoin as a good tool to do this with.

Last week the US Senate also had 2 hearings about  cryptocurrencies in general, they were realistic about the threats and the advantages bringing a rather positive message about cryptocurrencies in general. They stated that there will be nothing done to stop bitcoin, however, just as with normal currencies, they will enforce the law and try to stop any illegal activities.

Lots of media attention

Positive media attention also has a lot of influence on the price of Bitcoins, currently many people don’t know about cryptocurrencies yet and with only 12 million bitcoins available today all the new adopters can have a significant impact on the price of Bitcoins. Also there have been quite a few success stories about becoming a millionaire from cheap purchased bitcoins and negative news stories like hacked exchanges reach all big news websites over the world.

Most countries accept and are positive about cryptocurrencies, only in Thailand there have been negative words about Bitcoin from the central bank. Germany and the US already publicly stated that they see Bitcoin as a valid currency.

Price of bitcoin over the last year

Bitcoin 1000$

 

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Thai central bank declares Bitcoin illegal

bitcoinBitcoin cannot be used in Thailand anymore

The central bank of Thailand has stated that any Bitcoin payments are illegal. One of the reasons is that there are currently no existing laws for cryptocurrencies. One local exchange had to stop its services due to the verdict.

Wired, states that the Thai central bank has stated that buying and selling Bitcoins is illegal. Also, it is no longer allowed to buy or sell anything with Cryptocurrencies in general aswel as receiving any from foreigners.  It is unclear wheter the law will be changed but untill then the local bitcoin exchange Bitcoin Co. will be offline.

Illegal after discussion about the workings of Bitcoin Co. exchange

The statement came after the Thai central bank had a discussion with Bitcoin Co about the workings of the exchange. The conclusion was that no existing laws apply to any cryptocurrency for that matter. Due to this it was decided to declare all cryptocurrencies illegal. Longer ago the Thai central bank already stated that it didn’t see Bitcoin as a currency.

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