Forget the Bitcoin Fork, watch the Chopsticks!

While everyone seems to be fixated and fearful of the Bitcoin fork which might not even happen, the Japanese are buying Bitcoin… it was reported that they were responsible for 50% of traded volume over 24 hours recently.  Japan is serious about Bitcoin as April is the month that a law is passed declaring Bitcoin a legal payment system.  Is this why the Bitcoin price continues to hover from $900 to $1000?  Could well be!

What about the Chinese?  As the majority of Bitcoin mining takes within Chinese borders, many are caught up in the “Big Bitcoin Debate on Scaling” however, it is interesting to note that some exchanges are not yet operational after the People’s Bank of China suspended them. Is this affecting the Bitcoin price and traded volume recorded on the exchanges?  Over the counter and Peer to Peer transactions have increased dramatically in 2017.  See the graph below… are the Chinese still buying Bitcoin?  You decide.

Now these are markets to watch – Japan will hopefully start a domino affect by making Bitcoin a legal payment system in April and China pushing for regulation of Bitcoin Enterprises – both very strong fundamentals.  These are facts that cannot be ignored and are way more powerful than the opinions of others speculating whether the fork will happen or not.  Keeping the value of Bitcoin will prevail.

Bitcoin Price Analysis – Indications of a bottom – “BU hard fork fear, uncertainty, and doubt remains ever-present, until, if, or when it happens. Long term holders will see this as a price blip in the grand scheme of things, whereas risk-averse traders would do better staying out of the market for now, until BU, SegWit, or both are activated. With a 30% drop from all-time high, price is beginning to show signs of a bottom and trend reset. This may precede a period of relative stability over the next three months, followed by bullish continuation to $1,789-$2,100 by year’s end”  Read the full article here!

Investment Tip – always look at the facts, strong long term fundamentals and Value over Price!

Bitcoin Adoption in Japan

Bitcoin Exchanges must toe the line in China

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