In comments on Bloomberg TV, the publication’s analyst Edward Robinson said bank clients are “knocking on the door” after seeing charts showing Bitcoin’s 2017 growth. He commented:
“I think Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”
The debate over Bitcoin’s attractiveness versus precious metals meanwhile is becoming a preoccupation for major investment bank Goldman Sachs.
After its CEO suggested an open-minded approach to crypto earlier this month, analysts at the giant nonetheless said traditional assets were still “important… despite their lack of yield.”
“They are neither an accident or a historic relic,” Jeffrey Currie and Michael Hinds added.
Other theories explaining Bitcoin’s rapid appreciation towards $6,000 in October are more reactionary. The upcoming two hard forks of the network, Bitcoin Gold and SegWit2x, are expected to produce significant price volatility in a similar manner to July’s Bitcoin Cash.
Nonetheless, analysts from within the cryptocurrency space have remained broadly bullish as China’s impact waned, predicting a solid $6,000 price tag by the end of the year and significantly more in the later short-term.