Bitcoin has ticked higher over the last 24 hours, boosted by positive sentiment across major cryptocurrencies, two-year record-low volatility, and bullish comments from the chief executive of Overstock, the U.S. Amazon rival — which began accepting bitcoin back in 2014.
Bitcoin and cryptocurrency boards showed a sea of green for the last 24 hours trade, with bitcoin cash adding a huge 13% as a looming fork adds trading volume and miners join the network to have their say on the potential split. Bitcoin itself added 2% to trade above $6,600 for the first time mid-October.
Bitcoin bull Patrick Byrne, Overstock’s CEO, meanwhile told crypto YouTuber Naomi Brockwell he is still expecting the mass adoption of cryptocurrency and the collapse of the current established financial system.
“People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that,” Byrne told Brockwell. “When people start getting into it is when their own financial systems collapse. So yes, given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto.
Byrne did not commit to bitcoin, the original cryptocurrency which just celebrated its 10th birthday, being the cryptocurrency that would come out on top, however.
Bitcoin was earlier this year looking stronger than most other major cryptocurrencies, having lost less of its value since last year’s huge bull run pushed it to almost $20,000, up from under $1,000 at the beginning of the year. Bitcoin has since lost some 60% of its value, compared to around 80% for many other major digital tokens.
In recent months the likes of ripple (XRP) and ethereum have recovered some losses and stemmed their outflows.
“Whether bitcoin is the one, whether bitcoin has solved its speed problems or it’s another cryptocurrency, only time will tell,” Byrne added.
Elsewhere, bitcoin’s volatility has sunk to its lowest level for nearly two years in contrast to the increasingly wobbly U.S. stock index the S&P 500, which has climbed to near seven-month highs since September as investors fret over expected interest rate hikes by the Federal Reserve and fears around the U.S. trade war with China.