New data suggests that bitcoin’s (BTC) growth is explained by its maturation as an asset based on conversations surrounding the leading cryptocurrency, Bloomberg reported on May 15.
The research reportedly revealed three major drivers of the coin’s growth, including conversations surrounding bitcoin, fewer concerns about fraud and a shift in the sentiment of how people talk about bitcoin from the past to the future. The report states that more financial experts and academics are deliberating about bitcoin, and traditional institutions are taking it more seriously.
Explaining the future issue of bitcoin, Zak Selbert, chief executive officer at Indexica, reportedly argued: “Think about it, executives will speak of good things they expect to happen on conference calls before they happen. They only mention mistakes afterwards.”
Over the past month, bitcoin has demonstrated an impressive surge from around $5,075 on April 15 to its current price of around $8,178, according to CoinMarketCap.
Today, Erik Voorhees, CEO of cryptocurrency exchange platform ShapeShift, argued that the volatility seen in bitcoin and altcoin markets over the years is a necessary phenomenon for a nascent asset, stating that bubbles are an essential part of the industry’s growth.