Bitcoin`s reached $14,900 on Thursday due to uncertainty caused by the U.S. election and low chances of a fiscal package for the economic recovery. The Bitcoin value increased by 10% since the day of the election as Democrats are getting closer to topple the Trump. The other tech stocks and bond markets saw an increase on Thursday.
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Anthony Pompliano, a co-founder and partner at cryptocurrency investment firm Morgan Creek Digital Assets said that the Bitcoin is the biggest winner in the current macro environment.
Bitcoin value is increasing in the last few weeks after it got the endorsement from digital company PayPal Holdings that it would enable purchase with virtual coins on its platform. Moreover, the Bank of England increased its asset purchase program and U.S. federal reserve bank said that it will do whatever it can do for the revival of the U.S. economy.
Bitcoin investors and enthusiasts are expecting more price hike after more clarity from global finance regulators.Dave Chapmanexecutive director at OSLa cryptocurrency brokerage said that once the unknown asset is now accepted by traditional finance and waiting for the regulatory clarity from regulators, globally.
In December 2017, Bitcoin reached $20,000 mark and crashed 50% next month.
David Gerard, a cryptocurrency expert said that the Bitcoin doesnot go up or down for macroeconomic reasons like other paper currencies which are depended on investors decisions. The price changed for the Bitcoin is due to internal market issues and the cryptocurrency market at the moment is thin and manipulated.