BitPay Chief Elaborates On Bitcoin’s Bull Run if China, Russia or India Inevitably Jump Onboard
The recent spike in Bitcoin’s market price valuation at a very odd hours shows Bitcoin (BTC) has outgrown the shores of the United States, and more global adoption could induce the next violent bull-run.
Bitcoin Does not Sleep with US Citizens
Bitcoin rose rapidly at unusual hours some days ago, and many analysts are enjoying the task of deducing what caused the unexpected spike. Sonny Singh, the Chief Commercial Officer [CCO] of Bitpay is one of them.
Talking with Bloomberg, Singh explained his thoughts regarding the recent spike of Bitcoin which beat a five-month high—surging past the $5000 mark. According to him, outside markets are beginning to have more influence on the crypto market after a decade of growth.
“A lot of times these price spikes happen in America,” he said. “But now that it occurred when the markets closed, one can easily say that it shows how the Asian market is becoming. BTC trades 24/7 around the world, and that has become evident. I don’t know what made the market move, but my analysts had told me that once BTC breaks the $4300 mark, it will zoom on the price charts.”
More than America
Bitcoin had a season to forget last year, but it hasn’t stopped its growth both in the United States and abroad. The major cryptocurrency has become a sort of flagship for the world of cryptocurrency itself, and many people in the world would have heard the word ‘Bitcoin’ first before they even get to hear ‘cryptocurrencies’ or ‘virtual assets.’
While Bitcoin had first been nothing than a magic word in some less informed places, and ‘a scam not better than Ponzi schemes’ in more conservative areas, it has now grown beyond these tags, establishing an economy of its own even outside the US.
Analysis for the past three years alone has shown the influence of Japan trades on Bitcoin valuation with the number of transactions involving the Japanese Yen trading pair with BTC more than any currency in the world as the US trudged behind at second for the first time. South Korea followed at third.
It is not surprising that many crypto startups, even ones sprouting from the US have roots in these countries.
Recently, one of the biggest market places on the dark web was shut down by US authorities: with Bitcoin being traded notoriously on these platforms, one would expect the price of BTC to take a hit. If anything, it only rose. This just shows how global bitcoin has grown within a decade.
With the incredibly populated countries of India, China and Russia taking a harsh stance on Bitcoin and cryptocurrencies in general, Singh believes a change of heart and policy could spark the next violent bull-run.