The value of bitcoin has sky rocketed in recent weeks, increasing by over 60% as investors around the world move swiftly to buy up the cryptocurrency. It recently hit new highs, peaking at $500 around a week ago, and is now trading at an average of $380. The news provoked a flurry of bitcoin trading worldwide, with many bitcoin exchanges in the USA and China reported unprecedented growth in number of users over a relatively short period of time.
The last time bitcoin’s value began rising in a similar way, it went from below $200 in September 2013 to over $1,100 by early 2014. It crashed quite badly in 2014 and has taken quite a while to recover, but financial commentators believe that his recent rise is indicative of a return to those previous high levels.
Bitcoin has been gaining confidence and popularity in the consumer marketplace and with financial regulators. Bitcoin users have found that retailers are becoming increasingly welcoming of the cryptocurrency, and many are now happy to accept it. As bitcoin transactions become more normalised and widespread, Adam White, vice president of business development with bitcoin exchange Coinbase, has commented that “we’re crossing the chasm from early enthusiasts to mainstream adoption”.
While a risk has always existed with the use of bitcoin, there is also scope for huge gain. Many supporters of bitcoin have pointed out the lack of clear legislation regarding bitcoin use, and have called for greater regulatory clarity. Bitcoin legislation is being readied in several US states, and a recent European Court of Justice ruling on the 22nd October has decreed that bitcoin transactions will be exempt from Value Added Tax (VAT).
The positive news for the bitcoin community is also a promising development for the online bitcoin gambling world. With such a massive increase in bitcoin popularity across the globe, the online bitcoin casino and poker sites have experienced an influx of customers as a flood of new players turn to gambling sites with their newly acquired bitcoins. Players using the currency to gamble online are taking advantage of the rising value of bitcoin, to ensure their winnings are being multiplied virtually overnight.