Save my name, email, and website in this browser for the next time I comment.

This site uses Akismet to reduce spam.Learn how your comment data is processed.

TheBitcoin value todayjumped 8.5% in 90 minutes as buying on Bitcoin exchanges in China surged.

TheBitcoin pricerose from $269.11 to $291.98, fell back to the mid-$280s, then surged again to $295. Thats the highest level for theprice of Bitcoinsince mid-March.

The rise in theBitcoin valuetoday capped off a strong six-week period for the cryptocurrency that has seen the price increase more than 28%.

The broader surge has coincided with the deepening of the Greek debt crisis and a sharp 30% decline in the Chinese stock market.

While Greeces bank closings have demonstrated the value of Bitcoin in a financial crisis, the situation in China has more to do with the movement of capital out of stocks.

However, the spike in the Bitcoin value today appears to be entirely China-related. The surge occurred between 4 p.m. and 5:30 p.m. Beijing time, which was 7 a.m. in London and 4 a.m. in New York.

It may surprise some that China can still drive the price of Bitcoin, but enthusiasm for the digital currency there has never waned. In fact, interest continues to grow despite government restrictions forbidding Chinese banks from handling Bitcoin.

Make More Money This Year, No Matter What the Market DoesYou can make 2015 your wealthiest year in a few simple moves.You just needthe three common investing habits to dump immediately, the single most effective strategy for your portfolio, and five stocks to get you started to a wealthier you.Get all of that right now in this exclusive guide

According to a March report from Goldman Sachs Group Inc. (NYSE:GS), the Chinese yuan makes up nearly 80% of global Bitcoin exchange volume, a steep increase from about 50% in January 2014.

Even if nothing had happened in China, the Bitcoin value today probably would have gotten at least a little bump from a very different catalyst.

Wedbush Securities, which started following Bitcoin last year, issued a new report yesterday (Thursday) that suggested the Bitcoin value will reach $409 over the next 12 months.

Thats a 40% gain from the current Bitcoin price, even after the steep rise over the past six weeks.

Wedbush sees the value of Bitcoin as dependent on how widely used it becomes in the years ahead. Its worth noting that the $409 figure is the present value of what Wedbush calculated would be required to support the Bitcoin economy in the year 2025, assuming Bitcoin gains traction as a vehicle for remittances, micro-transactions, and other specific use cases.

Wedbush estimated the 2025 Bitcoin economy could be worth $231.81billion, which by then would require a lofty Bitcoin price of $11,840. The present value of $409 is so low because Wedbush used a huge discount rate of 40% to reflect the uncertainty surrounding the future of the digital currency.

Wedbush also said theres a 50% chance Bitcoin could go to zero.

But in a third scenario, in which Bitcoin becomes the global working capital of trade which would require a $20 trillion monetary base the Bitcoin value would go to $1 million.

Wedbush calculated the odds of that scenario happening at just 0.02%, however.

Where to Buy Bitcoins:Over the past few months, innovative companies around the world have expanded the places where people can buy bitcoins from just online exchanges and Bitcoin ATMs. Youll be shocked at where you can buy bitcoins now.There may even be a place in your neighborhood

Join the conversation. Click here to jump to comments

Dave has been a journalist for more than 35 years, including 18 spent atThe Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. Hes interviewed a number of well-known personalities – ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.

Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving atMoney Morningin 2011, he has focused primarily on technology. Hes an expert on both Apple and cryptocurrencies. He started writing about Apple forThe Sunin the mid-1990s, and had an Apple blog onThe Suns web site from 2007-2009. Daves been writing about Bitcoin since 2011 – long before most people had even heard of it. He even mined it for a short time.

Dave has a BA in English and Mass Communications from Loyola University Maryland.

Tags:bitcoin exchangebitcoin exchangesbitcoin priceBitcoin Pricesbitcoin valuebitcoin value todaydigital currencyPrice of BitcoinTechtech stocks

It was originally Silk Road that led the market when it invoves the dark trade, however the

arrest of its founder brought the darknet site down.

Comment on This StoryClick here to cancel reply.

Or to contactMoney MorningCustomer Service,click here.

Your email address will not be published.Required fields are marked*

Save my name, email, and website in this browser for the next time I comment.

This site uses Akismet to reduce spam.Learn how your comment data is processed.

Choose from the topics below to receive ourmoney-making recommendations in real time.

By submitting your email address you will receive a free subscription to

. You will also receive occasional special offers from Money Map Press and our affiliates. You can unsubscribe at anytime and we encourage you to read more about ourprivacy policy.

November 20, 2019• ByPeter KrauthLeave a Comment

November 20, 2019• ByMichael A. RobinsonLeave a Comment

November 20, 2019• ByShah GilaniLeave a Comment

This REITs Dividend Yield Is About to Explode Higher

Finding REITs with high yields is important, but a high yield is not the only thing to look for. We also want to find REITs that are growing their dividends, and this is the perfect example…

10 Top Penny Stocks to Watch This Week as Dow Shatters the 28,000-Point Ceiling

One of the 10 top penny stocks to watch last week gained over 200% as the Dow Jones hit record highs. But the market is still surging, and its pushing yet another top penny stock through the roof…

You can view our VQScore top-rated stocks now by entering your email below:

By submitting your email address you will receive a free subscription to VQScore and occasional special offers from Money Map Press and our affiliates. You can unsubscribe at anytime and we encourage you to read more about ourprivacy policy.

Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience for free. Our experts who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and visitors become smarter, more confident investors.

© 2019 Money Morning All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning.

Address: 1125 N Charles Street Baltimore, MD, 21201 USA Phone: 888.384.8339

You may choose from these hot topics to start receiving our

Interested in other topics? You can add more alerts below.

By submitting your email address you will receive a free subscription to

. You will also receive occasional special offers from Money Map Press and our affiliates. You can unsubscribe at anytime and we encourage you to read more about ourprivacy policy.