Bitcoin Above Record High Of $5,000, What Is Behind The Move?

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Bubble, wipeout, insane idea, whatever you want to name it, you can. Bitcoin broke above its previous high of $5,000 and it is up 5.26% today. The reality is that investors support the idea of Bitcoin with their money, it is there to stay. Bitcoin is the king and holds the biggest crown among cryptocurrencies. When China imposed restrictions on crypto ICOs, Bitcoin crashed and broke the psychological level of $3,000. Now we are back above the level of $5,000 and it is up 74% from its previous low of $2,975. That was an opportunity worth looking at, which I mentioned here.

Bitcoin is up 74% from its previous low

Bloomberg; @NaeemAslam23

This is simply an explosive performance and in terms of percentage, the gain is 63% from its lows. What was behind this move? There are many explanations, such as Amazon bringing Bitcoin on their platform, Goldman Sachs exploring the idea of bitcoin desk, geopolitical risk providing the tailwind and the mighty dollar losing its throne.


The idea of Amazon adding bitcoin as an acceptable form of payment is intriguing.  Its revenue last year was $135.98 billion. Adding bitcoin on their platform would confirm Bitcoin as an acceptable form of payment.  If Amazon successfully implements and brings bitcoin on their platform, it would only be a matter of time before we hear eBay making a similar announcement. After all, the entire idea to remain in the game of the online shops is to provide users the best and most efficient way of shopping and Ebay’s annual revenue is $8.97 billion.

Amazon thinking of accepting Bitcoin as a form of payment

Bloomberg; @NaeemAslam23

Yoru brain waves would also bring the idea that if giants like eBay and Amazon would accept Bitcoin, what about the biggest giant? Alibaba is the biggest online shopping platform in Asia and in order to service their clients, it would also find a way to bring bitcoin as a method of payment for their users, especially when the firm makes smashing revenues on Single’s Day. Alibaba holds the crown for the world’s online shopping event. Retailers scrambled on Alibaba platform to sell their products and its revenue for Single’ Day in 2016 ($17.8 billion) surpassed the previous year by $3.5 billion dollars. This really gives you the scope where the price of bitcoin could go if Alibaba and eBay add bitcoin to their list.

A vast number of power plants in Australia have aged and this has substantially pushed up the energy prices in the country. Australians have suffered from several power outages for the past two years and the country requires investment in order to meet the demand. RCMA which specializes in commodity and energy market is looking at ways to provide cheap energy in the country. The managing director of the firm is investing big in gas as it is much cheaper and also cleaner than coal. The firm would invest in their onshore gas field and the company would start a retail electricity trading in Western Australia. That would employ efficient and smart solutions for their consumers and as a part of this, they may include blockchain to pay electricity bills.

This really tells you the scope about the acceptance of the cryptocurrency.

Disclaimer: I do not have any position in Bitcoin.
