Fortune.com: 3 Reasons Bitcoin Is Booming Again (31 May 2016):-Bloomberg.com: What's Driving the Bitcoin Rally? (17 June 2016; video):-
- Mining bitcoin is about to get more expensive
- Hype over a new digital currency is reigniting interest in bitcoin [Ethereum]
- China, China, China [WSJ: 'two Chinese exchanges, now collectively account for some 92% of global trading in bitcoin']
Fortune.com: As Global Currencies Plunge Over Brexit, Investors Turn to Bitcoin (24 June)
- China
- Brexit
- Halving
- 'Bitcoin adoption going global'
I count five explanations -- Halving, Ethereum, China, Brexit, Globalization -- of which the only reason that explains repeated, short-term volatility is China. Brexit was a one-off and the others are long-term trends. Here's more about China.
Nytimes.com: How China Took Center Stage in Bitcoin’s Civil War (29 June; Nathaniel Popper) • 'Bitcoin, which is both a new kind of digital money and an unusual financial network, is having something of an identity crisis. Like so many technologies before it, the virtual currency is coming up against the inevitable push and pull between commercial growth and the purity of its original ambitions.'
Shifting gears, I noted another story that appeared in June.
Forbes.com: 4 Reasons Why Bitcoin Represents A New Asset Class (2 June)
- Investability
- Politico-Economic Profile
- Correlation of Returns: Price Independence
- Risk-Reward Profiles
So far in this post, all of my news sources have been mainstream financial services, but this story was also picked up by bitcoin services, e.g. Why Bitcoin is a New Asset Class (cryptocoinsnews.com). The same source followed up an Australian story that I mentioned in Bitcoin in the News : 2016-05, and that should be closed on this blog: $22 million worth of Bitcoin sold in Australian-first auction.
There were a few other stories worthy of a slow-news month, which June wasn't. I'll pick them up for July if they show any persistence.
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