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Bitcoin price surges past $4K

The bitcoin price surged past $4,000 on Aug. 13 and as of Aug. 14  was holding at $4,293, according to Opinions vary, but some bitcoin experts believe the boost is due to a possible solution to the bitcoin transaction speed issue, according to a report by Biz News.

Recently, several users launched a solution called SegWit2z that would move some data off the main network to boost speed. However, supporters of an alternate solution called Bitcoin Cash argue that increasing the block size is a better solution. Currently, Bitcoin Cash offers a block size of 8 megabytes, but this does not appear to have handicapped the SegWit2z solution.

"Up until now a lot of people didn’t really believe bitcoin could go any higher until the scaling issue is resolved," Arthur Hayes, founder of bitcoin exchange Bitmex, said in the report. "With this actually being implemented on protocol, theoretically, the amount of transactions that can be processed at a reasonable speed is going to be much higher, so a lot of people are very bullish about bitcoin now."