With Bitcoin breaking through $10K again today, increasing in value by 15% over the past 3 days, it seems that it is set to make another bull run in the market. While Bitcoin may have hit $6K earlier this month, the recovery seems to have come quickly and it now appears that we are looking at another big rise in the value of Bitcoin, much like the one we saw at the end of 2017.
However, is this run sustainable? Let’s take a look at the key fundamental indicators that show BTC is set to skyrocket over the next few months:⠀
Passing the $10k mark is a huge psychological barrier and if it manages to maintain a value above this number over the next few days, buyers will be more confident that BTC is on a bullish trajectory again.⠀
There has been a lot of good news lately regarding bitcoin and cryptocurrency. Arizona has bills on the floor that could allow its citizens to pay taxes with cryptocurrencies such as Bitcoin and Ripple. Sweden is planning on launching its own national cryptocurrency called E-Krona.⠀
Influential individuals have also spoken up about cryptocurrencies in the recent SEC joint hearings. In the meeting, J. Christopher Giancarlo, Chairman of the CFTC discussed how virtual currencies would mark a paradigm shift in how we think about finance and payments. Senator Mark Warner also stated “blockchain has the potential to be just as transformational as cell phones.”⠀
You also see previously skeptical people such as JPMorgan’s CEO, Jamie Dimon, who has called Bitcoin a “fraud” in the past, changing his stance on cryptocurrency. Instead he now states that “cryptocurrencies are very real” and JPM has even released a 71-page pamphlet known as the “Bitcoin Bible” extensively detailing cryptocurrency technology, their real-world applications, and potential future challenges.⠀
There is a major innovation coming up for Bitcoin as well—the implementation of Lightning Network, a network that will create payment channels between participants that can process thousands of transactions per second.⠀
More and more authority figures in different industries are taking notice of this revolution. Investors who have looked at the facts regarding cryptocurrency and Bitcoin are now convinced that the blockchain revolution is here to stay for good.
“Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.” – Marc Andreesen, Venture Capitalist
Overall, the regulatory outlook for cryptocurrencies look strong and as we see greater widespread adoption & increasing market confidence, we’ll be seeing another large rally for Bitcoin and the other alt-coins in the near future.
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