The cryptocurrency market has seen a significant spike in recent weeks, which may have impacted the Bitcoin price.
However, a recent uptick in interest from law enforcement agencies is prompting investors to buy in.
Bitcoin prices have been rising steadily over the last several weeks.
As of mid-June, the price of a single Bitcoin was $8,859.99, according to CoinMarketCap.
The next week saw a big jump of $4,094.70.
This week, the Bitcoin value is up $1,049.40.
A recent study from the International Monetary Fund suggests that bitcoin is on track to reach $9,000, according the Wall Street Journal.
According to the report, the surge in interest is “part of an emerging trend that has seen some companies including Uber, Airbnb and Lyft raise funds through new technology to boost demand for its digital currency.
This surge in demand may be a result of an ongoing government crackdown on Bitcoin.”
It is unclear if the crackdown is related to the increasing number of arrests in the United States, which has seen thousands of people arrested for crimes related to cryptocurrency activity.
A total of 3,500 people have been arrested so far this year, according a CNN report.
It’s likely that a number of this increased interest could be linked to a crackdown on the use of cryptocurrencies.
Bitcoin, which was created in 2009, is a digital currency that is issued by a computer network and is used for payments and exchange.
It’s the first cryptocurrency to achieve widespread adoption in the US.
According the report from the IMF, “the increased demand for Bitcoin is part of an evolving trend that may have seen some businesses including Uber and Airbnb raise funds via new technology for boost demand.”
It remains to be seen if a crackdown from the government will translate into a drop in the price or increase in demand for bitcoin, or if it will merely lead to an increase in its value.
The cryptocurrency industry has seen dramatic price increases in the past, as the price jumped over 50 percent from around $5,000 in January to over $15,000 by June.
Bitcoin was also up over 25 percent in the last three months.
