One of my thoughts is that they are being used to move cash out of China, so instead of trying to cram it into US real estate, using large volumes of bitcoin might be easier. I doubt anybody really knows exactly what is going on.
I thought the price of bitcoin was going up because of all the ransomware.
I figure that many of these ransomware writers are also trying to sell bitcoins to get real money. Increase demand amongst non-miners to buy the coins, profit.
Those early Bitcoin booms were US-centric, but Bitcoin has become more international since 2013. And data suggests that the current boom is being driven by surging demand in Asia.
Bitcoin reached a record high on Thursday, climbing above $2,700 for the first time. That’s double the price at the beginning of May, and an incredible 500-fold increase over the past five years.
For Americans, the soaring value might seem like a puzzle, since it doesn’t seem like the payment network is any closer to mainstream acceptance here. But experts tell me that the currency’s recent growth is driven by soaring demand in Asia.
“Based on the data we’ve collected, we think speculation in the primary driver,” says Garrick Hileman, a Bitcoin expert at the Cambridge Center for Alternative Finance. Hileman says that surveys show most users buying and selling bitcoin for