Bitcoin May Rise on Demand for Alternative Currencies, Survey Shows

Filed under Bitcoin, Economic
Bitcoin, which rose to a record this week, may extend its advance on demand for an alternate currencies, a survey found.

Twelve of 18 traders, investors and analysts surveyed that the "crypto-currency" will gain next week. Five forecast lower prices and one was neutral. Bitcoin rose to a record 9.2¢ today by the end of trading on BitcoinMarket.

The dollar yesterday slid to the lowest level against the yen in 15 years and dropped to an eight-month low against the euro on speculation that the Federal Reserve will ease monetary policy more to bolster U.S. growth. The Bank of Japan lowered its main interest rate to “virtually zero” this week.

It is speculated that as long as central banks are willing to be led by the Fed down a never-ending pathway of debasement, bitcoin will continue to rise.

The weekly bitcoin survey that started six months ago has forecast prices accurately in 19 of 33 weeks, or 58 percent of the time.

This week’s survey results: Bullish: 12 Bearish: 5 Neutral: 1

Posted via email from Anthony Martin's Weblog

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