• Primary reason for bitcoin’s bullish trend is due to the bitcoin forks such as the BTG and the upcoming fork that is expected to happen during mid November known as the Segwit2x. During the period leading up to the fork, cryptocurrency holder will be looking to convert most of their alts to bitcoins and hold BTC up until the fork date to receive the dividends that is provided to them when holding BTC on the fork date thus increasing higher demand for BTC in the market, and ultimately increasing the value of BTC.
• Second primary reason is Bitcoin’s growing awareness in the community and its adoption as a form of currency being accepted all over the world. The more people that start to adopt and use bitcoin as a form of currency will increase its demand. With more and more businesses around the world accepting bitcoin as a form of currency due to regulations and obstacles of moving money in and out of their own countries, BTC demand increases. However, due to bitcoin only being limited to a certain amount of supply, with increases in demand and supply being limited, its price shall only increase if Bitcoin’s use as a currency surges over time. BTC is starting to attract a lot of coverage worldwide with many people choosing to adopt it as form of tax avasion and income. In countries such as Russia mining related terms were up by as much as 500% in the first half of 2017.
• Although there are instances where big authority figures refute the idea of bitcoin, it in fact strengthen the fact that bitcoin is here to stay and the crypto world is big enough that people are entering this space, be it against it or not.
