Bitcoin Rallies 80% and More Reasons Investors Should Jump In

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By Athena Yenko | June 5, 2014 1:36 PM EST

Bitcoin rallies up to 80 per cent from its April price, allowing investors to find more reasons to jump in with the controversial virtual currency.

"Recently more and more people are realizing how much of a world-changing technology bitcoin is. We will see more and more of this until each bitcoin is at least tens of thousands of dollars each. I think this will happen sooner than any of us expect. The positive news never stops," Bitcoin Jesus Roger Ver, wrote in an email to CNBC.

More reasons to Jump In

-          The Bitcoin2014 Conference in Amsterdam

The recently held Bitcoin2014 Conference in Amsterdam was attended by 1,000 people, representing 50 countries. The event had 140 speakers and 35 exhibitors.

 

"The fact that you have 51 countries and all of them have something positive to say about developments in their countries-maybe this helped show that bitcoin is bigger than just the U.S., China and England," said Micky Malka, a general partner at venture capital firm Ribbit Capital and a board member of conference host Bitcoin Foundation told CNBC.

-          Silicon Valley

Over the past months, Silicon Valley showed a significant interest in bitcoin as observed by Malka.

In 2013, venture investors were drawing bitcoin funding of $1 million or $2 million on average. At present, funding at Silicon Valley is already exceeding $20 million.

"(There is) momentum of serious committed entrepreneurs diving into building something with this technology. Venture investors are backing them and really starting to believe we can improve people's lives," Malka added

-          Dish and rapper Curtis

Dish Network, a satellite TV company had recently became the largest company to accept bitcoin payments.

Surprisingly,  Rapper Curtis Jackson (50 Cent) announced acceptance of Bitcoin for purchases of his latest album Animal Ambition.

-          $600 Threshold Crossed

On May 30, bitcoin share price crossed the $600 threshold, jumping over 7 per cent within 24 hours and 34 per cent just within a month, according to data from  Coindesk.

The currency was able to reverse trading below its 50-day moving price - a bullish technical indicator of where the currency is moving.  

There had also been a significant increase in USD trading volume. From May 1 to 18, there were 16,000 tradings on bitcoin; by May 19 to 26, trading more than doubled to over 41,000 on average of day to day trading activities.

-          Apple's revision of its App Store Review Guidelines

Following Apple's Worldwide Developers Conference, the company revised its App Store Review Guidelines with section 11.17 as follows:

"Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions."

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