Bitcoin recently reached its all-time high of $5,167.90. 

The last time Bitcoin reached its high was September 2 when its price was $5,013.91.

When China imposed their ban on cryptocurrencies, Bitcoin crashed and fell to $3000. Well, who laughs last, laughs longest: its price raised by 74 percent from its previous low of $2975!

Rumour has it that China could be considering reversing their ban on cryptocurrency exchange. This is big news since China is the world’s second largest economy, and allowing Bitcoin to operate on their territory could give this currency an enormous boost.

However, strict regulations will most likely be implemented before the currency is allowed on the Chinese market.

Could this be one of the reasons why Bitcoin is climbing up? Are these rumours the reason why investors have directed all their attention towards it?

Leader’s view on cryptocurrencies

China isn’t the only one averse to Bitcoin. In fact, many world leaders have expressed their dissatisfaction with the cryptocurrency.

Russian President Vladimir Putin recently announced that  “buyers of cryptocurrencies could be involved in unlawful activities” and Russia is soon going to follow China’s steps and block all websites that offer cryptocurrency exchange.

Based on Putin’s comments they are probably not going to change their mind as fast as China did.

Last month we had JPMorgan’s CEO Jamie Dimon call Bitcoin ‘a fraud’ and commented that it would not end well.

“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.”

Which probably means that they won’t be very acceptive of Bitcoin anytime soon. Despite all the negative reactions, some companies are more than happy to accept Bitcoin as a means of payment and a large number of them around the world have already done so.

Big names such as Goldman Sach are seriously exploring the options of Bitcoin trade, and Amazon is also thinking of allowing it on their platform as means of payment.

If this happens, their competitors would undoubtedly do the same – and this would make Bitcoin an absolutely acceptable method of online payment.

About The Author

Milan Jovanovic
Newsdesk Researcher, Customer Experience Magazine

Published monthly, the digital Customer Experience Magazine is packed full of industry news, blogs, features, video bites and international stories all focusing on customer experience. CXM will help you learn what makes an outstanding customer experience that wins both awards and the hearts of customers. And sometimes we share some cool music as well.

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