After what can only and best be described as a month of escalating weirdness—capped off most recently by a full scale revolt on the Bitcoin Foundation board over the election of a new member that other members protest is a pedophile (or pornographer, depending on the accusation) – the price of bitcoin has crossed the symbolic threshold of $500 for the first time in a month.
As of 6 AM on May 22, 2014, bicoin was trading at around $510 according to the PYMNTS Bitcoin Price Index —having crossed the $500 mark during overnight trading.
The stabilization seems to follow the entrance of second “next phase” players in the bitcoin space who are adding gravitas and making the possibility of bitcoin seem more palatable to mainstream users and investors. Companies like BitPay, Coinbase, and Circle are entering the market well funded and with a serious plan to make Bitcoin accessible.
Though the tip over on price comes as welcome news to enthusiasts and investors, bitcoins price has fluctuated enough over the last 30 days that there is still likely reason for caution.
However, there may still be room for cautious optimism among bitcoiners. Earlier this week, PYMNTS spoke to Bitnet found John McDonnell about how his company is working to take the risk out of bitcoin transactions for customers and merchants. To hear about that plan, and how it will help bitcoin go mainstream, click here.
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