Over the past 24 hours, Bitcoin has crept a bit higher in price. After hanging in the mid-$6,400 range for several days, it appears Bitcoin has finally gotten its taste for ascension back and has sprung up to hit $6,500.
Overstock Takes All the Credit
According to Forbes, this can be attributed to positive sentiment stemming from Patrick Byrne, the CEO of Amazon competitor Overstock.com. The business made headlines back in 2014 after executives announced they would accept bitcoin as a means of payment for goods and services. Overstock was one of the first major companies to take this step.
In a recent YouTube interview with Naomi Brockwell, Byrne says that despite the ups and downs of the past year, he still believes bitcoin will soon experience mass adoption in the coming months, and that the present financial system is set to fall in dramatic fashion:
People turn to [bitcoin] when they collapse, like Venezuela or Cyprus or Syria, something like that. When people start getting into it is when their own financial systems collapse. So, yes – given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto.
Who Will Set the Path?
To an extent, we are already witnessing the entrance of bitcoin into mainstream territory. The SEC is now considering a new bitcoin exchange-traded fund (ETF) submitted by the joint venture VanEck SolidX. In addition, December is set to introduce traders to Bakkt, a platform designed by the Intercontinental Exchange (ICE), Microsoft and coffee king Starbucks. The system is set to provide both retail and institutional investors easier access to cryptocurrencies.
Interestingly, however, Byrne says that while he sees cryptocurrency ultimately expanding its horizons in the future, he’s not entirely sure if bitcoin will lead the way. During the interview, Byrne commented that bitcoin has lost roughly 60 to 70 percent of its overall value since last December. While this has occurred amongst most major cryptocurrencies, some – like Ethereum and Ripple’s XRP – have recovered some of their losses and moved on to accomplish major things in the industry.
Keeping an Open Mind
However, he’s not shutting the door on bitcoin altogether, and acknowledges that in a world of blockchain and digital assets, anything can happen at any time:
Whether bitcoin is the one, whether bitcoin has solved its speed problems or it’s another cryptocurrency, only time will tell.
Do you think Bitcoin is set for a major comeback in the coming months? Tell us why or why not in the comments below!
Image courtesy of ShutterStock