The first week of March 2017 has been pretty exhilarating to say the least. This was the week that the Bitcoin price passed the Gold ounce price, pushed past the $1300 price point and the number of Bitcoin transactions per block surpassed the 2,250 Mark for the first time. Much anticipation in the coming week regarding the impending approval (or maybe disapproval) of the first Bitcoin ETF however, the fundamentals are coming up very strong and bullish for Bitcoin in the long term.
Headlines that captured the imagination of many was when the Bitcoin price passed the Gold price this week. Splashed all over various main stream media outlets, even people new to Bitcoin or not invested in Bitcoin sat up and took note. The more main stream media report on Bitcoin, the more consumer adoption grows – main stream media have a very valuable role to play in this new ecosystem. One question though, can we really compare Bitcoin to Gold? Bitcoin price rises higher than gold, but don’t read too much into it.
Regarding the first Bitcoin ETF, the Winklevoss Twins are anxiously awaiting the imminent SEC decision. The probability of approval has a low rating… but, polls have been know to be wrong of late. Consider the incorrect polls for BREXIT and the election of the 45th US President Donald J Trump!
While everyone is getting exciting about the ETF, more and more Single-Family Offices are investing in Bitcoin as reported by a representative of the Family Office Association.
Read the full article regarding the increase in Bitcoin transactions per block – a new all time high. There is much discussion regarding the scaling of Bitcoin from a hard fork to Segregated Witness (SegWit) and Lightening Network. No doubt a solution will be agreed as Bitcoin popularity increases and value reaches new highs. Just a matter of time in this democracy.
Geo-Politcal events will have an influence on the Bitcoin price however, the fundamental cannot be ignored. As Bitcoin value continues to increase in value, Regulators are stepping in around the world – some countries more advanced and others adopting a “wait and see” stance. Bitcoin adoption in Japan is gaining huge momentum as the Japanese government will soon be writing Bitcoin as a legal method of payment into law. This acceptance could start a domino effect in the Far East as well as the rest of the world.
The Peoples Bank of China made the news in the beginning of 2017 when they investigated Bitcoin Exchanges and suspended a few until regulations were adhered to. Bobby Lee, the CEO of one of China’s largest biggest bitcoin exchanges says regulation is inevitable.
Another very progressive country is India. The government is proactively moving it’s people into the new Digital economy albeit with a push and a shove. Bitcoin Adoption in India is increasing at a fast pace with the Prime Minister Narendra Damodardas Modi at the helm. With a fast growing middle class and economy, India is poised for Bitcoin acceptance and usage.
So, why all this hype about Bitcoin – because it is revolutionary, disruptive to the status quo and unstoppable – Bitcoin will change the World.
It is time for you to get involved and join the Bitcoin Revolution!
So, why do we trust Bitcoin? Watch this short explainer video to learn more.
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