ADVERTISEMENT
ADVERTISEMENT

Bitcoin is in 'striking distance' of $5,000 after big milestone

A software upgrade to make bitcoin's underpinning network faster has officially reached its lock-in threshold.

And that has the CEO of one bitcoin exchange bullish about the coin's future price.

The so-called Segregated Witness, or SegWit, is a solution to the years-long debate over how to improve the coin's scalability and make it faster to process more transactions.

As bitcoin has gained traction among consumers, its network, which was built to only handle a set number of transactions, has slowed.

Some miners who didn't think SegWit went far enough completely forked from bitcoin's original blockchain network to form the new bitcoin cash cryptocurrency.

ADVERTISEMENT

will not officially go into full-effect for another two weeks, according to Lasher.

"

With Segwit implemented, I believe $5,000 Bitcoin is within striking distance," he concluded.

Josh Olszewicz, a bitcoin trader, told Business Insider he thinks SegWit will trigger a "small price bump overall, but there will be a $300 pullback before it marches to $5,000."

Bitcoin is up 2% today, at $3,457.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

Here are common things people rarely dream about

Here are common things people rarely dream about

5 young women who embody Y2K and alte fashion

5 young women who embody Y2K and alte fashion

ADVERTISEMENT
ADVERTISEMENT