“Could” being the most important word in the above headline.
(From Seeking Alpha)
The surge in bitcoin pricing has come mostly from China, as the country has put capital controls in place and also has seen the yuan devalue by about 7% over the last 12 months, an astonishing amount when it comes to a foreign currency.
Though BTC is still far more volatile than most conventional currencies, it has been far less volatile over the last year, showing confidence in those that hold the digital currency. Exchange blowups and stories of hacks don’t create the same panic that they did a couple of years ago. People are starting to buy, and hold, bitcoin.
In terms of breaking through new highs, the recent technical surge in the currency and the break through the $1000 mark simply has us and the market believing that it can break through all time highs and continue moving higher this year. A lot has happened in the three years since bitcoin was at these levels prior. We have seen several bitcoin exchanges blow up, we have seen volatility in the global currency market and we have seen major companies in major banks start to look at Blockchain as a form of currency. Focus has always turned to bitcoin, whether it was after the Brexit vote or after the U.S. election.