Bitcoin was finally able to surge above $10k for the very first time since June 10.
Reasons for BTC’s price spike
Bitcoin spiked into five digits the other day around 6 a.m. New York time on Sunday- BTC rose as high as $10,169, according to pricing compiled by Bloomberg.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $10,218.50.
The online publication Cointelegraph notes that there seem to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200.
“They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins), according to the online publication.
Bitcoin’s popularity is on the rise
It’s been just revealed that the Russian chess grandmaster Garry Kasparov believes that the mass adoption of Bitcoin and crypto is inevitable because people are thirsty for owning their privacy.
According to the latest notes coming from the Daily Hodl, in an interview with Forbes, he made sure to highlight the impact that central banks, with unlimited power to issue money, have on the wealth and savings of individuals.
On the other hand, Bitcoin is running without the need for human intervention and it features a hard supply of 21 million coins.
“The state has power to issue money, but again, if it gets out of control (as it has now), people are looking for alternative means of protecting their wealth and saving their fortune against inflation or uncontrolled state interference with their financial affairs,” he said.
He said that people are more aware that a lot of aspects of their lives are screened and owned by third parties and this means that they are ready now to welcome the emergence of digital assets.
He said that “That’s why I think the steady rise in popularity of bitcoin and other cryptocurrencies and blockchain technology as a concept is inevitable, because it’s a response to the shift of power from individuals to states or other institutions that may act on our privacy without our consent.”