The continued success of the Bitcoin currency continues to make headlines. With the Silk Road online drug marketplace shutdown by the Feds, another milestone for the currency has been achieved.
The value of Bitcoin is reflective of the media coverage it receives and a number of factors may be attributed to its recent success, industry sources explain.
It’s been reported that big players in the financial industry may have been influenced to get involved in Bitcoin’s affairs after attending the Money 2020 conference in Las Vegas earlier this month.
A significant portion of Bitcoin’s early success can be attributed to Silk Road. With each story covering both organizations published by the New York Times and Time magazine, Bitcoin’s value continued its upward trend. Further reports on Bitcoin and its relationship to the online gambling industry resulted in gains for internet coins.
Earlier this year, European financial difficulties helped the value of Bitcoin reach $260 per share, which garnered worldwide attention.
According to Simon Johnson, a professor of entrepreneurship at MIT’s Sloan School of Management and leading economist, not all is rosy in the world of Bitcoin. Governments and financial institutions are likely to launch campaigns against the decentralized digital currency. Johnson expects Bitcoin to face political pressure and lobbying from big banks due to its disruptive nature. Governments and regulators are accustomed to having tight control over its currencies. Bitcoin allows for speedy and inexpensive payments that threaten the existing fee-based system of money transfers.
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