Bitcoin on its road to stability according to ConvergEx

One of the intrinsic characteristic of bitcoin is its inconsistency which no one can predict whether the price will lapse or rise. Recent report according to ConvergEx Group LLC said that Bitcoin’s price may be stabilizing as the virtual currency becomes more widely used and adoptions by merchants accelerate. Beginning early 2013, bitcoin price started to range at $13, and after the year ends, it actually reached its all-time-high exchange rate amounting $1,000. But the price of this digital money is still not easy to foresee where in late November 2013 value of it suddenly plummeted to $700. The volatility still arises.

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This crypto-currency is in its way to stability now, according to Nicholas Colas, chief market strategist at ConvergEx in New York. “We have no doubt that merchants will adopt Bitcoin simply to access newly minted high net worth individuals,” Colas said in the note. “But to keep them in the fold and increase the usage of Bitcoin in other parts of their business, they will need to see some greater stability in the price.” 2013 has been great to this digital currency as many of the merchants acknowledge and try to adopt this magnificent creation of Satoshi Nakamoto. Early this 2014, lot of companies has been accepting and some are still in the positive aspect of planning to accept this virtual currency.

Related Article: Bloomberg

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