While the cryptocurrency world may consist of several ICO’s, cryptocurrencies, blockchain of which they operate, there would always be a special place for Bitcoin, the coin from where it all started. Not just the cryptocurrency’s world, but Bitcoin has been consistently the talk of the town, specially with the bitcoin price, which keeps surprising everyone, with the high’s and low’s associated.
Bitcoin bulls come to advocate and make bullish claims that the bitcoin price may have its little dips here and there but it is inevitably mean to rise. While some of them may sound shallow, most of them have the correct reasons and we believe the bitcoin price to rise. Here’s why.
Clarity from regulators
The regulations on Bitcoin across the world are now being passed explicitly and there’s only a little room for ambiguity. This helps to encourage big-money, institutional investors to get involved in the space. Fran Strajnar, CEO of Brave New Coin, explained to Forbes:
“Bitcoin is trading upwards for a number of reasons. The U.S. is stepping in to regulate security tokens instead of commodity assets (utility) and we are seeing major value investors stepping into buy as a result […] As the Soros’ and the Rockefellers’ of the world move into this ecosystem, this asset class is legitimized and trending in an extremely positive direction.”
In fact in April, Soros Fund Management’s Adam Fisher has received internal approval to trade digital currencies — which has since sparked Bitcoin’s full-blown recovery.
Wall Street Companies Coming Forward
This month, with the onset of Goldman Sachs announcing to having its own Bitcoin operational platform, other Wall street companies didn’t wait too long to jump on the band wagon. Soon, “../new-york-stock-exchange-bitcoin-exchange/” target=”_blank” rel=”noopener noreferrer” style=”color: #1975c1″>New York Stock Exchange (ICE)came forward to have its own bitcoin exchange. With that that, just a few days later, NASDAQ announced that its cryptocurrency exchange will go live in JUNE
Many traditional companies also attended the Consensus 2018 in New York. If more institutional money comes into crypto, the next boom could be around the corner.
That explains some of the predictions that have put BTC value above $20k by December 2018. However, Bitcoin price did not surge after the Consensus 2018, something that was highly expected. To this Tom Lee of Fundstrat said that
“Crypto still faces significant internal resistance and hurdles within traditional financial institutions, but it is encouraging, nonetheless, that a large share of incremental attendance are financial institutions.”
Bitcoin is Trusted More than Any Other Currency
Many Crypto Analysts believe that the altcoin market is going to fail miserably. Most people have their own reservations and fears about cryptocurrencies, but Bitcoin is not one of them. Since the start, Bitcoin has made sure that no one despises it or fears from investing it.
Bitcoin has a global appeal and trust. Although taken as a store of value more than an everyday payment currency, BTC sees more transactions than most of the other coins. With improvements in its transaction speeds and fees, the majority of users would prefer BTC than many other coins.
On Thursday, 26th April, the 17 millionth bitcoin was officially mined representing nearly 81 percent of all bitcoins that will ever exist. With just 4 million Bitcoins left to be mined, the cryptocurrency should increase the bitcoin price as the demand grows but the offer is more limited each year.
Although most of you would believe that factors that don’t relate to the crypto market directly will also play a role in BTC value rising. The result of such factors as Bitcoin Futures will act as a bridge for more adoption, higher bitcoin price and positivity could result in a trend similar to the one at the end of 2017.
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