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  • 06.03.16

Here’s why the price of bitcoin has more than doubled since last year

The value of the famed digital currency has skyrocketed even as media attention increasingly turns to alternatives like Ethereum and to other uses for blockchain-powered networks, such as managing assets within big banks. Two possible explanations:

• The amount of bitcoin awarded to miners who record transactions to the blockchain is due to be cut in half in just over a month, reminding speculators of the limited number of bitcoin that will ever exist. 

• Ransomware. Data-encrypting malware attacks are on the rise and hackers often demand that victims pay ransom in bitcoin, potentially driving up demand for the currency.

SM