Bitcoin has reached its peak since the Bitfinex hack incident happened around three months ago where approximately $72 million in bitcoin got stolen and let the bitcoin price crash end of July 2016.
Speculators consider the continuous fall of the Chinese Yuan as the main factor for the uptrend of bitcoin as more and more Chinese investors choose bitcoin over the shaky Chinese currency.
Other benefits of bitcoin are that it’s unregulated and therefore avoids the strict Chinese capital controls.
While bitcoin keeps rising, the Chinese Yuan is at its lowest point since six years which mostly has to do with China’s economy stagnating for the past few years.
There are many experts expecting a continuous rise of bitcoin, one of them being Arthuer Hayes, founder of bitcoin exchange BitMEX: ‘The continued devaluation of the Chinese yuan is what’s driving traders at the margin to buy bitcoin.’
