One not-so-obvious reason for the price rise: A huge uncertainty/threat has been removed from the collective psyche of market participants.
Obviously SegWit is a great thing and has an influence on the price rise. But I would argue that a much bigger influence is the proof that a loud, well-funded minority has been shown to be unable to co-opt Bitcoin.
For a couple of years Bitcoin has been under the threat of being split. Very few could feel comfortable with the predicting the outcome of such an event. The rest, even if somewhat confident, felt burdened by the uncertainty of such an event. That uncertainty is now greatly reduced.
From here on out, market participants will feel far less threatened by some group threatening to fork Bitcoin. We see what happens–basically nothing. Accordingly, the market is now valuing Bitcoin's proven anti-fragility against social attacks. The market knows that people can fork off all they won't, but Bitcoin remains Bitcoin while the forked-off chain is something else, regardless of the name given to it.
Ironically, the BCH fork has given us valuable proof that Bitcoin is not easily susceptible to being co-opted.
Some of us were already confident of this outcome (we've been encouraging such a split for years and precisely for this reason). But now everyone knows and the exchange rate is reflecting this new understanding.
Submitted August 14, 2017 at 06:44AM by Lejitz
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