Bitcoin prices are booming! As we always say, look at the fundamentals and you will realize that Bitcoin is unstoppable. So, what are the reasons? Here are a few to consider:-
Who is behind the Spike in Bitcoin prices? “Bitcoin is up 30% since Friday’s opening prices. It’s doubled in a month. Where’s the demand coming from? It looks like China. Chinese stocks are down around 8% in the past month. Meanwhile, global stocks have been bid (German stocks +6%, U.S. stocks +7%). And gold is flat. But bond yields (as discussed above) are down about 15 basis points (all over the past month)–which means demand coming into the safety of Treasurys (bond prices up, yields, down). With that, it looks like Chinese money is going into bitcoin, global stocks and bonds. But not gold. Remember, the story of the latter 2016 and early 2017 period, out of China, has been the Chinese government’s efforts to restrict domestic capital from leaving China. It doesn’t appear that they are winning.” Forbes
China driving Regulation – After the People’s Bank of China stepped in, not all bitcoin exchanges in China are back online however, high traded volume still coming out of China. The country has just been downgraded, more CYN could find its way into Bitcoin as the economy continues to struggle.
Japan made Bitcoin a Legal Payment system on 1 April 2017 – recently reported that globally – mass adoption underway in Japan and the Largest Japanese banks invest in Bitcoin exchanges
First Online Bank integrating Bitcoin is in Norway – which bank will be next. Many commercial banks are focusing on blockchain technology and FinTech to improve services and keep pace with our changing world.
The bitcoin price boom attracting more big Investors – Billions being added to the Bitcoin market daily – Check out the market cap here
Blockchain opens 10 millionth bitcoin wallet – and this is just one online wallet provider. Consumer adoption continues to grow as more retailers, online or brick and mortor, are now accepting bitcoin, ATM’s are popping up, Bitcoin debit cards are available for consumers to withdraw cash, purchase online or swipe globally.
Mainstream Media Adoption
Bitcoin is being reported by mainstream media almost daily – this exposes bitcoin to people who’s interest will be piqued hearing about bitcoin so often. CNBC, BCC, Bloomberg to name just a few media outlets who are focusing on the bitcoin market.
Global Geo Politcal risk is also driving investors into Bitcoin as Fiat currency devalues and tradional investment avenues find themselves under pressure. Brexit, Trump Presidency, European Elections as well as other events all have an effect on global economy, however, according to Financial Times, Geopolitical risks will cause markets to bend before they break
And last but not least – it seems the Big Bitcoin Scaling Debate finally has some resolution which is driving bitcoin confidence to new highs! Read the Scaling Agreement here
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