More crypto experts became interested in Bitcoin‘s latest surge in both price and the hype around it.
A brand new report highlights some interesting assumptions related to the surge in Bitcoin’s price.
All crypto enthusiasts know that the crypto market experienced a massive event during the past week – the return of the bulls in the crypto space after a really long crypto winter.
Bitcoinist’s recent article presents some interesting assumptions about the latest surge of BTC.
Surging global debt, pessimism about stocks and a spike in BTC hype
The reports that the mounting global debt could have triggered pessimism about stocks, but on the other hand, it also triggered a spike in Bitcoin hype.
The latest reports revealed that global debt managed to reach a considerable amount of $243 trillion.
The stock market is also becoming gloomier these days, and all of this seems to have led to a surge in interest in Bitcoin.
Now, with this background, more and more investors are becoming interested in Bitcoin, and financial analysts debate the causes of this renewed interest in the most important digital asset.
Bitcoinist reported that global debt increased by over 50% since the last financial debacle which was about ten years ago.
— IIF (@IIF) April 2, 2019
The Institute of International Finance (IIF) reported that even if the global debt slowed sharply in 2018, it gained “a global debt mountain” of $243 trillion.
The IIF released a report where they detail how each sector has contributed to this substantial global debt.
The number of financial analysts and experts trying to figure out whether there’s a link between the increasing interest in BTC and the mounting global debt is increasing.
Main reasons for BTC’s latest surge
The online magazine mentions Richardson GMP, one of Canada’s leading management firms, who has suggested the following factors which might have led to the rise of BTC during the past week.
- A short covering/squeeze that was triggered when Bitcoin recently moved above $4,000
- A blockchain conference in Seoul
- An exchange of pounds for Bitcoin by British citizens in case Brexit goes wrong
- An April Fools’ Day story on an obscure crypto website claiming the U.S. Securities and Exchange Commission approved Bitcoin exchange-traded funds
Bitcoin-related predictions have also been extremely bullish so far since the beginning of the year and they are expected to increase in number as well.