Jeremy Liew, the investor in question, basically says the middle east, and other nations [3rd world hell holes] have unstable governments and economic systems, so the people need an alternative. And thus I quote the raven:
“Bitcoin and the other digital currencies, they all really see a lot of benefit in times of political and economic instability,” Liew said to CNBC. “Fundamentally when a citizen doesn’t have faith in their currency of their country, then they are looking for alternatives, and a digital alternative like bitcoin becomes much more compelling in those circumstances.”
Liew said in parts of the Middle East, Africa, South America and Eastern Europe, concerns over the government being overthrown or persistent long-term currency inflation have been driving bitcoin’s increasing valuation. A bitcoin is valued at a little over $2,800 as of Tuesday afternoon…
It’s all very simple. Supply and demand. In this case, of currency. The people that need it or use it, increases the demand for bitcoin (the currency in question) and velocity of money (how many times does money change hands using the underlying currency).
But until mass adoption and formal recognition occurs by governments, bitcoin will sleep at its current price range of $2400-$2900 per bitcoin, which is WAY MORE than happy for me.
Check out my latest book, Mine Bigly – How to earn 200%-808% percent returns mining bitcoin for less than $5 a month in electricity costs because it’ll change your life and you won’t have to invest in scams anymore.