Bitcoin is BOOMING! The price is skyrocketing and the question is WHY? What factors are influencing this upward price movement and adoption?
Firstly, take a look at Bitcoin’s Price movement over the years, pretty impressive and no wonder investors are attracted to The Internet of Money. Bitcoin is pushing to new highs!
The Bitcoin price is effected by Geo Political events as well as global adoption and regulation. Regulation of Bitcoin businesses play an important role as this protects the consumer and encourages investment. The People’s Bank of China kicked off regulation of bitcoin exchanges in January 2017 which resulted in the suspension of various exchanges, some of which are still not in operation.
The PBOC focus was on ensuring the exchanges are not involved in money laundering, price manipulation as well as ensuring client information is in place. This also ended no-fee trading in China and the end of margin trading. As the news broke of the PBOC investigating the bitcoin exchanges, the price reacted by dropping immediately. Interesting to note that after a few weeks, the price recovered and has since been reaching new highs. Bitcoin Exchanges must toe the line in China – Bottom line!
Since this event in China, positive news came out of Japan. On 1 April 2017, a law was activated to make bitcoin a legal payment system in Japan. This event has set an incredible course for Japan as they drive bitcoin adoption by regulation, the introduction of bitcoin accepting merchants and an influx of new business startups.
Statistics indicated Japan’s currency JPY has been responsible for 52.35% of bitcoin trading volume in the recent 24 hours, followed by the USD at 28.12%, CNY 8.23%, EUR 4.92% and KRW 2.9%.
Read the full article here – Over 10 New Bitcoin Exchanges Set to Launch in Japan
Japan is certainly a very good news story and a move that created a domino effect across the world. Switzerland / Japan / China / Malta / India / Antigua and Barbuda / Russia / South Korea / Mexico – Some of the First Adopters in the news, who is next?
Other factors are the Geo Political events happening around the world – Investors do not like uncertainty which could add to more bitcoin adoption. In 2016 we saw the election of President Donald J Trump and the UK decision to leave the EU – both events taking the world by surprise! In 2017, BREXIT was triggered and the “divorce” proceedings have begun – this is a space to watch. Many European elections are taking place which could affect the European Union (EU) as well as the currency, euro. For a full list of election dates, click here.
Another event affecting the price was the attempt to list a Bitcoin Exchanged Traded fund – this was denied by the SEC in March however, the decision is currently being reviewed – The ETF is back – SEC to review Winklevoss Bitcoin ETF rejection
More positive news is the launch of a new global bitcoin fund – Global Fund for Digital Currency Investments launched
The bitcoin scaling debate ruffled a few feathers as there were two different camps, one with Bitcoin Core and Segregated Witness and the other being Bitcoin Unlimited. The positive news is that this debate has simmered down as support for Segregated Witness has increased. Litecoin, derived from bitcoin, activated SegWit – Litecoin’s SegWit Activation: Why it Matters and What’s Next
Remember, bitcoin itself cannot be regulated as it is a computer program running on over 6000 miners globally, however, bitcoin businesses can be regulated. 2017 is being sighted at the Year of Regulation.
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