Bitcoin's Rally Shines Bright Light on Swiss Crypto Scene: Although Bitcoin’s ten-month high might be largely fueled by speculation, it is still good news for Switzerland’s Blockchain-based companies, the… BitcoinAssociationSwitzerland Bitcoinrally
The price of one Bitcoin has risen almost 80 percent since the beginning of the year, breaking above $30,000 for the first time since last June.
Besides speculation and the current turmoil among trad-fi institutions fueling Bitcoin's rally, the group of people buying Bitcoin because they believe in the currency as an alternative to central bank money is growing, according to the president of the Bitcoin Association Switzerland Stefan Kuebler.
«While speculators plan to sell Bitcoin with a gain in Fiat money, adopters are buying it to use now or because they plan to use it in future as means of exchange,» he said. Kuebler also sees agreements between China, Russia and Saudi Arabia as increasing pressure on the US-Dollar as the world's leading currency.
A vanishing petrodollar would also add to dollar inflation, whereby Bitcoin could serve as a safe haven, and «considering that the Swiss government recently further distanced itself from its historic neutrality, Bitcoin could even replace the Swiss Franc in this role,» he said.
The Bitcoin Association Switzerland was set up in 2013 as a platform to inform the public about blockchain technology and about the potential of cryptocurrencies as an alternative payment system.
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