The price spike has made bitcoin “red hot” again as investors are now flocking to bitcoin, looking at the possible benefits that it has to offer in terms of its price volatility.
The price spike can be directly linked to the positive sentiment that is being developed around the asset. The hype around the Blockchain Week, to be held in New York City, is largely positive and the FOMO (fear of missing out) around the asset after its April’s spike is invoking people to join this space as soon as possible so that they can also gain timely benefits before its too late.
The bitcoin bull-run of 2017 saw bitcoin rise from a few thousand to almost $20,000 in a matter of few months which resulted in a lot of “bitcoin millionaires”. If a run like that happens again, no one would want to miss out. With people like John McAfee and Twitter CEO Jack Dorsey showing a positive attitude towards bitcoin despite all its shortcomings, the trust that the crypto investor and trading community has shown in bitcoin is not easy to shake.