Bitcoin is now considered to be a “Safe” investment rather than “Risky”.
Thomas Glucksmann, head of marketing at Hong Kong-based Bitcoin exchange Gatecoin, says that the perception of people about the cryptocurrency has changed from Risky to Safe investment.
In an interview, Thomas said:
“It’s funny how the whole narrative of bitcoin being risky or dangerous has changed, and it is now seen as a form of pride to regulate and embrace it.”
Recently on May 13, Stocktwits, world’s largest financial communications platform for the investing community , revealed one of its users’ growth chart comparing various assets, bonds and currencies. In it, a StockTwits user by the name of Charlie Bilello noted that a $10,000 investment in Bitcoin made in July 2010 would have earned investors a $200 million return and when compared with Gold, if an investor who purchased $10,000 worth of gold in 2010 would have experienced a negative return of $9,981.
According to the statistics mentioned above, Bitcoin has said to ouperform Gold and is now considered as an safe investment option. (Read full)
The demand for Bitcoin rises
Bitcoin demand is rising because countries have now started to accept it as an official mode of payment. Government and people are trusting the virtual currency and believes that it is here to stay. As the trust on the cryptocurrency is increasing, the demand for it is also increasing as well. As a result prices are skyrocketing.
In the month of May, Bitcoin made it’s all time high at around $2700. It touched $2700 and came back to $1900. At the time of publishing this article, the price was $2462.
Countries such as Japan, Australia, The Phillipines, South Korea, China and Malta are identifying and addressing regulatory issues concerning Bitcoin and it’s transactions. Japan have even recognized it as a legal currency.
The central bank of Russia recently hinted that by 2018, it will recognize the cryptocurrency as a Digital Asset.
India may too recognize Bitcoin, the Indian government have even asked it’s citizens to share their opinion about the digital currency on it’s official portal.
Recently, Australia removed double taxation on Bitcoin and announced that the cryptocurrency can be used “Just like Money”.
Bitcoin Price Recovers and exceeds $2,400 as Chinese Exchanges Resume Withdrawals
Recently on May 31, Chinese Bitcoin exchnage, OkCoin resumed the Bitcoin withdrawal. OkCoin is the largest Bitcoin exchange in China.
Similarly Huobi and BTCC, the second and third largest Bitcoin exchanges in China also resumed it’s withdrawals.Chinese central bank, The Public bank of China, ordered the above mentioned exchanges to temporary suspend the cryptocurrencie’s withdrawals.(read full story)
Immediately post the resumption of Bitcoin withdrawals by the exchanges the price surged and recovered back into the $2,400 region.
The cryptocurrency corrected to $1900 from it’s record high around $2700.The prices are expected to grow further. Some more correction was expected but now it looks that the virtual currency is ready for another upward
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