Analysts have predicted that in 2018, BTC will hit a low of $6,000 and a potential high of $50,000.
The former of those predictions has already come to pass in the last two days. However, even with bullish expectations on BTC, why has the price surged so recently? Fresh news that the US Senate may be warming up to bitcoin has its value taking an upward swing.
In a hearing with the Commodities and Future Trading Commission and the US Securities Exchange Commission both Chairs Christopher Giancarlo and Jay Clayton respectively presented a fair and objective view of the future of cryptocurrency trading.
In a quote borrowed from this Cointelegraph article, Giancarlo was quoted to have said that, “if there was no bitcoin, there would be no distributed ledger technology,”
In addition, an article by UK-based Express stated that Cameron Winklevoss, CEO of Gemini Exchange, now predicts bitcoin will grow up to 40 times in value and become more valuable than gold.
It is also worth noting that bitcoin has survived a slew of regulatory attacks, scrutiny and negative mass media attention, cue BTC being deemed illegal tender in India, China Enlists Its ‘Great Firewall’ to Block Bitcoin Websites and the almost ban of crypto exchanges in South Korea, with governments and officials finally showing a long-awaited interest to welcome BTC.