Bitcoin has once again reached a new all-time high at $7,549 on November 5. The market seems to be optimistic about the mid-term’s bitcoin performance.
The two regions in Asia with known conservative investors and traders saw an exponential increase in the demand for bitcoin. These two areas are Japan and South Korea. Tony Lyu, the founder and CEO of Korbit said in an interview that once people are invested in South Korea, they encourage others to join the “party.” He said:
“Word just spreads really fast in Korea. Once people are invested, they want everyone else to join the party. There’s been this huge, almost a community movement around this,”
Japan and Soth Korea saw a large number of investors allocating their funds to bitcoin in the past two weeks. Specifically, South Korea saw an increase in the popularity of offline exchanges Bithumb and Coinone which are two of the largest cryptocurrency exchanges in the country. Investors with no technical knowledge and expertise with bitcoin started to seek assistance in purchasing, trading, and managing bitcoin.
A bitcoin investor who is 53 years of age stated:
“Due to the emergence of physical cryptocurrency exchanges and offline customer service operations launched by CoinoneBlocks and Bithumb, many investors in South Korea are rushing to sell their stocks and equity in public companies to invest in cryptocurrencies such as bitcoin. Since the beginning of 2017, the demand for bitcoin has increased significantly and investors have been able to build trust over the cryptocurrency exchange market through offline exchanges.”
Many large businesses in Japan have started accepting bitcoin as a payment option which includes Capsule, Peach, and Remixpoint.
Some analysts think that by 2018, bitcoin will surpass the mark of $10,000 but some, on the other hand, advised to remain cautious considering the sudden surge from $3,300 to $7,400 in just a month.