Blockchain Blog

Bitcoin News for the week of 5/30/16

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. This week we saw another run-up in the price of bitcoin, causing more headlines and speculation on why bitcoin is in such demand recently. In addition, investors are flocking to bitcoin, including millennials. And we ask, where is the greatest potential for bitcoin? Keep reading to get all this news and more!

Be Your Own Bank

[youtube https://www.youtube.com/watch?v=EFwcUsUNtOU]

Blockchain releases new commercial to boost bitcoin adoption

In a move that could greatly help to take bitcoin to the masses, Blockchain, one of the popular bitcoin wallets, has released a new commercial advertisement inviting people to start a bitcoin wallet. The short video starts off saying, “The digital world is a part of our DNA now.”

The video was well-received by the cryptocurrency community, and many believe other companies should jump on this type of media to display the wonderful attributes Bitcoin gives to the world.

Bitcoin on the rise

![Bitcoin price chart via Markets.Blockchain.info](https://blog.blockchain.com/content/images/2016/06/bitcoin-price-06-03-2016.png)
Bitcoin price chart via Markets.Blockchain.info
[Bitcoin Price Passes $570 for First Time Since August 2014](http://www.coindesk.com/bitcoin-prices-august-2014/)

This is the first time the average price of bitcoin has risen to these heights since August 2014. On 11th August of that year, USD markets saw a high of $589.87. You can track the bitcoin price fluctuations on our Bitcoin Markets page, where you can see the price across five different exchanges.

This is the second week in a row that we are seeing bitcoin price surges, as last week we saw the price around $471 USD, and now it’s $100 higher. Some are contributing the new demand to Chinese yuan concerns. A weakening in the yuan has driven bitcoin trading volumes on the Shanghai-headquartered digital exchange BTTC to as much as five times their daily average since Friday, BTTC CEO Bobby Lee told Reuters. Reporters from Bloomberg speculated that it’s possible the rise could also be from a weakening economy in Venezuela.

Bitcoin as an investment

![Chart via SeekingAlpha.com](https://blog.blockchain.com/content/images/2016/06/seeking-alpha-price-chart.jpg)
Chart via SeekingAlpha.com
[S&P 500 Top? An Idea For Pricey Markets](http://seekingalpha.com/article/3978637-s-and-p-500-top-idea-pricey-markets?page=2)

SeekingAlpha.com suggests that you should diversify your portfolio in bitcoin. How much BTC should you buy? They said that “10% of your cash portfolio or 2-3% of your overall portfolio is probably about right. I would start with that and then allow it to grow over time with the increased acceptance of electronic currency.”

According to Forbes, seven million people worldwide have invested in bitcoin. While they may represent only 1% of current equity investors, they’ve helped propel its price from nothing to $535+, pushed its daily trading volume to $1 billion a day and brought its market capitalization to $8.4 billion. It’s not super-hard to believe either, as a new generation of investors and digital money users are cropping up. In a new report, it says that millennials prefer digital money like bitcoin over cash, check, and banks.

Where is the greatest potential?

![Illustration courtesy of CoinTelegraph.com](https://blog.blockchain.com/content/images/2016/06/bitcoin-argentina.jpg)
Illustration courtesy of CoinTelegraph.com
[Argentina Tops List of Countries with Greatest Bitcoin Adoption Potential](http://cointelegraph.com/news/argentina-tops-list-of-countries-with-greatest-bitcoin-adoption-potential)

Argentina has the greatest potential for Bitcoin adoption in the world. According to the Bitcoin Market Potential Index (BMPI), Argentina tops the list of ten countries with the highest relative potential for Bitcoin adoption followed by Venezuela, Zimbabwe, Malawi and the United States. China ranks only 27th in this survey conducted by the London School of Economics.

Soon though, Australians will see a lot more of bitcoin on local newsstands. Launching this past week, a new initiative will help people buy bitcoin with cash at around 1,200 newsagents nationally, Fairfax Media reported. Or maybe we will see an uptick in Dubai, as bitcoin startup BitOasis just received their first round of seed funding, providing potential in the Middle East to new possibilities. The truth of the matter is that potential for bitcoin adoption can be found anywhere. Take for example how sneaker designers are busting knock-offs with bitcoin tech.

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