As Bitcoin Surges over $1,800, Federal Reserve Official Admits Blockchain Value

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The price of bitcoin just surpassed $1,800, its second all-time high this week. As governments worldwide eye the blockchain technology and ready new cryptocurrency rules, there is no sign bitcoin’s astronomical rise in value, up 81 percent this year, is over.

According to Coindesk’s Bitcoin Price Index, the average price of bitcoin hit $1,839.23 on Thursday after starting the day’s trade session at $1,732.13. That jump of more than $100 follows the historical achievement Tuesday of bitcoin breaking $1,700 for the first time.

What’s driving this mega surge? Recent comments and developments from officials in the US, Japan, and Russia, according to CNBC.

Though the price of the digital currency had already been steadily mounting, Federal Reserve Bank of Minneapolis President Neel Kashkari spoke favorably of the blockchain technology Tuesday before the record price increase of bitcoin.

I think sentiment has shifted in the markets, in the Fed,” Kashkari told attendees of a technology conference in Minneapolis, Minnesota, according to Reuters. I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe bitcoin does by itself.”

The blockchain is a digital, public ledger on which bitcoin transactions are recorded. Some proponents of the technology say its implications go beyond disrupting government currencies, threatening the status quo in global finance altogether as well as insurance markets and even governments themselves.

Last week, Russia announced that bitcoin would be legal by 2019, Cointelegraph reported. And in March, Japan legalized bitcoin for payments, which led to more purchases of the cryptocurrency with yen.

Back in the US, the infamous Winklevoss twins, Cameron and Tyler, are waiting to hear back from the U.S. Securities and Exchange Commission as it reviews its original decision to reject a proposal for an exchange-traded fund, or ETF, that facilitates the entry of large institutional investors into the bitcoin market, CNBC reported.

This week isn’t over yet, and already since Monday the market capitalization of bitcoin has surged more than $3 billion to $29.53 billion, CNBC reported.

Meanwhile, in the bitcoin community, there is controversy pending over how changes could be made to the blockchain technology, which has been slowing amid a backlog issue. Some people are calling for a hard fork,” in which two separate bitcoin currencies would operate, though no concrete solution has been proposed yet.

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  • BeverageBob

    More “fractional” digital manipulation. If the Banksters like it, it was they who probably spawned it. Just sayin, it’s still “fiat” currency.

    • It may not be perfect, but it would allow citizens to maintain privacy in a world there that principle is being quickly eroded.

      • Seen2013

        1). DARPA and Federal agencies funded and influenced the creation of the worldwide web often referring to it as the worldwide wiretap.
        2). Crypto-Currencies is the second phase of Local Alternative Currencies and Local Alternative Networks derived by think-tanks as Chatham House.
        3). There are presently over 4 currencies in beta for the next phase.
        4). When paper fiat dies, it’s easy as pie to change the currency units in digital currency. I’ll just wait for the replacement legal tender as the Greenback replaced Gold-Silver and several other paper backs as the Gray, Blue, and etc paper backs.

        Are you not familiar with reverse psychology?

        • Of course, I understand that Bitcoin is another fiat currency, but it is the only one that allows for under-the-counter transactions (through encryption and laundering) and some semblance of profit if one can analyze trends. I don’t even invest in Bitcoin (simply because I don’t have the money or even the interest, no pun intended), but it does present an opportunity. I primarily invest in gold and silver and wait for their (((fiat currency))) to collapse. I assure you that I have an understanding of reverse psychology.

        • f16hoser

          …and “Back Doors.”

  • f16hoser

    So you have a digital wallet that only you know about. Then, you plug it into your Laptop to transact and an Algo wipes it clean. Poof, gone. It belongs to someone else now. Have a nice day.

  • Rebel w/out a Cause

    Funny how the world-hack hit right about the same time that Bitcoin surged. And the ransom is to be in Bitcoin. I’m not knowledgeable enough discern a direct relationship, but I find the timing interesting.

    • NowHardToStarboardSheerAway

      It’s a good point.

      I was of the bent that Bernizwailia was getting desperate and some of the more resourceful were moving to bitcoin as a mitigation tactic.

      Perhaps we have a multiple cascading “failure” from multiple fronts causing it’s rise?

      But you made an excellent point.

  • NowHardToStarboardSheerAway

    It should be noted that governments don’t support bit coin. rather they are curious about the ledger technology called block chain.

    Immutable ledgers, while intriguing to government middle managment, represent a clear and present danger to political appointees. My take is they will eventually adopt the technology so it can be made mutable at the direction of political appointees who will establish the requirement for technology vendors such as Microsoft, Oracle and IBM. Fraud is essential for those who wish to keep power.

    Remember Hillary’s missing emails. Leadersh1t always wants-needs the fraud option, just in case.