A champion is afraid of losing. Everyone else is afraid of winning.
Billie Jean King 
14th August 2017  
 
  And the streak continues
 
The Story

Bitcoin maintains its winning streak as the digital currency reached above the $4,000 mark—an all-time high—over the weekend.

 

Experts point to Asia as the reason behind the bitcoin price's surge.

Panos Mourdoukoutas, professor and chair of the Department of Economics at LIU Post in New York, said that the prospect of war between South Korea and China and the boiling tensions in South China Sea have hit the demand for the currencies of the countries involved.

 

So it is better to have bitcoin now than the won, yuan, and yen?

That's what Mourdoukoutas thought. In his Forbes post, the expert said: “Simply put, when the first missile flies, either intentionally or accidentally, investors would rather hold bitcoin than any regional currency”.

 

East Asian countries currently hold the majority of the global trade volume in bitcoin.

Japan currently accounted for close to 46 percent of global trade volume, while trading in Chinese yuan and South Korean won accounted for 12 percent each. On the other hand, bitcoin trading in U.S. dollar accounted for 25 percent.

 

The digital currency is still reeling from reaching $3,000 for the first time.

The weekend's surge in price comes fresh off the heels of the blockchain fork event which produced the new cryptocurrency called Bitcoin Cash last August 1. The creation of the Bitcoin Cash was the culmination of the years-.long scaling debate within the bitcoin community.

 

Takeaway

With the threat of war between South Korea and China, investors are holding on to their digital currency-and they might just tighten their grip further as there is no indication that the situation might stabilize anytime soon.

 
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