One theory as to why Bitcoin’s price might be rising might relate to the upcoming of bitcoin black friday. If you haven’t heard of it, Bitcoin black friday is when a number of merchants will offer unique items for cheap prices. Black friday is on November 28th so that is when Bitcoin’s price should be at it’s peak, as a disclaimer I must say the following is just speculation.
Why does black firday have such an effect on bitcoin? Black friday promotes the spending of bitcoins. That means that people will try to buy them in order to take advantage of the participating merchant’s deals. Once the deals begin that is when the merchants will also try and convert their coins to cash, using companies like Coinbase and BitPay to convert the coins. So does that mean that on 11/28 bitcoin’s price will take a hit? Not necessarily.
Once BitPay and Coinbase receive the user’s coins they might not actually sell them either to the exchanges or to private investors. Maybe Coinbase or BitPay will decide to bet on bitcoin’s rally and hold the coins for a bit longer? We can speculate and form theories but we won’t know until black friday comes.
Have you own theories? Post them below we are glad to hear them!
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