Why Bitcoin Was Bouncing Back Today

The price of Bitcoin (CRYPTO: BTC) was bouncing back on Tuesday, hovering around $48,700 as of this writing. That's about a 5.1% increase over the past 24 hours, according to CoinDesk. Normal volatility could be the explanation, but there have been some interesting developments over the past 24 hours that could be contributing to today's gains. 

Block CEO Jack Dorsey is in the news this morning after saying that Bitcoin will eventually replace the U.S. dollar. The dollar is widely considered to be the world's reserve currency, and many countries have actually dollarized their economies, replacing local currency with American greenbacks. Therefore, saying that Bitcoin can replace the dollar is a bold statement.

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Source Fool.com