A software update for the underlying network faster Bitcoin has officially reached its blocking threshold.
And that is the CEO of a bitcoin exchange bullish on the future price of the currency.
Witness the so-called Segregated or SegWit is a solution to the year-long debate on how to improve the scalability of the currency and make faster to process more transactions.
Bitcoin has gained traction among consumers, their network, which was built to handle just a series of transactions has slowed.
"SegWit is an intelligent solution which essentially increases the capacity of the original bitcoin transaction," said Aaron Lasher, marketing director Breadwallet, a company bitcoin wallet.
Some miners did not think SegWit WHO Wents far enough from Forked completely bitcoin Original's blockchain network to form the new bitcoin cash cryptocurrency.
SegWit will not officially go into full effect for another two-weeks, According to Lasher.
"The network will move into a roughly two-week 'grace period' to give users and mining pools a chance to upgrade Their software," according to CoinDesk, to cryptocurrency news site. "After That, Which looks to end August 21, SegWit will activate and miners will start rejecting That blocks do not support the change."
Arthur Hayes, CEO of BitMEX, a bitcoin exchange derivative, thinks SegWit marks an Important Milestone for bitcoin's future.
"At long last, the solution being touted to solve bitcoin's scaling problems, Segwit, is activated," Hayes said.
"With Segwit implemented, I believe $ 5,000 Bitcoin is within striking distance," I concluded.
Josh Olszewicz, a bitcoin trader, I Told Business Insider thinks SegWit will trigger a "small price bump overall, but there will be a $ 300 pullback before it marches to $ 5,000."
Bitcoin is up 2% today, at $ 3,457.