The digital currency is climbing higher and higher again

May 19, 2017 20:43 GMT  ·  By

Bitcoin is soaring to new heights, hitting $1,939 per coin at the time of writing. At this point, it wouldn't be surprising to see BTC reaching $2,000 in the next few days. 

Bitcoin is smashing record after record. After reaching $1,800 just a few days ago, the cryptocurrency has climbed to a new high, hitting $1,967 at its best point today.

The hike is believed to be connected with the political uncertainty that's currently impacting global currencies, which, in turn, pushes people towards digital currencies instead of traditional ones.

According to Coinmarketcap, Bitcoin's market cap reached $32.161 billion today after moving $989.952 million in the past 24 hours. Today's high is a 7-point gain over the past week, with more than $4 billion being added to its market cap.

Digital currencies, safe from political turmoil

Bitcoin has become increasingly attractive for investors who see it as a safe haven during times of political turmoil. While Bitcoin has its own challenges, it's not nearly as easily influenced by issues taking place around the world, mostly because it belongs to no country. Therefore, if the dollar goes down due to Trump being investigated for colluding with the Russians, Bitcoin remains high. If Euro faces issues for whatever reason, Bitcoin remains unmoved.

The only things that will influence Bitcoin's value are situations that directly impact it - like a country refusing to accept it as a real currency, or another government discussing ways to track payment.

The recent WannaCry ransomware spread has also helped more and more people find out about Bitcoin, even those who aren't familiar with the notion of digital currencies. It is believed that it has had some impact on the digital currency's evolution this week. As a general rule, Bitcoin is growing in popularity and so are other digital currencies, and it will likely continue to do so. Now, we're just going to have to wait to see it hit $2,000.