'We're getting between 100 and 200 new users every day': Aussie money boosts Bitcoin's $7000 surge

Australian money is pouring into Bitcoin, which hit another record high on Friday, swelling the market capitalisation to $US160 billion.

The cryptocurrency was fetching $7044 ($US5452) on Friday afternoon, up 75 per cent in under 30 days.

The extreme price recovery has emerged in the face of powerful headwinds; China recently banned Initial Coin Offerings [ICO] – a type of internet crowdfunding, Russia pledged to ban Bitcoin exchanges and there is another impending Bitcoin fork.

But a key theme underpinning the extreme price action is the widespread adoption by mainstream investors, curious at the blockchain innovation and seduced by the recent price surge.

Local exchanges are finding new customers are signing up each day, keen to turn their Australian dollars into cryptocurrency.

“We are getting between 100 and 200 new users every day,” says Adrian Przelozny, chief executive of Independent Reserve, a Bitcoin exchange based in Sydney.

“The amount of regulatory work in Australia has people feeling much more confident in Bitcoin so we’re seeing all different kinds of people investing. This is a global trend too.”

He said the typical account was opened with between $20,000 and $50,000 and the company was handling up to $4 million a day.

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Source: ‘We’re getting between 100 and 200 new users every day’: Aussie money boosts Bitcoin’s $7000 surge – The Sydney Morning Herald