For the blockchain industry as a whole this year was full of surprises. First off, Ethereum, with a 3000% climb over 5 months coupled with a more recent surge in value for Bitcoin leave us with high hopes for Q3 2017.
For those that want to make a quick win and fast trading as are new-comers to the market these changes that happen everyday will cause headaches and shed a tear. But for the old long-term investors that started off a long time ago and are holding, it is quite the journey.
The 5 Supporting points that will push Bitcoin to go higher.
Political and Economics doubtfulness
Keeping in mind the blockchain technology security and the use of its cryptocurrency gives you certainty of its use. More people each day are losing faith their governments are keeping their best interests in mind let alone have the ability to keep the economy on track admist political changes, corruption, and power grabs–trust that cryptocurrencies have only to gain.
This is just one of the reasons bitcoin holds such appeal in tempestuous economic climates. With Bitcoin, you are assured a level of financial security your money is removed from the coercion of the centralised system, therefore protecting your wealth from political agendas, damaging inflation and capital controls.
Resolution of the scaling debate
The decentralized nature of bitcoin, which naturally is one of its most appealing qualities, presents some challenges when it comes to governance of remedial action. In an ecosystem where nothing can dictate changes to the framework, a majority consensus must be reached.
As its known the Scaling debate was always a push of growth for Bitcoin.
Bitcoin has to scale in that way that it meets the demands placed on the network in terms of growing numbers in transactions; as the current structure is asking for quick and rational cost-effective transactions.
The flow of the Moment – Mainstream
The media attention – With the impressive growth in interest, the media has not letting bitcoin down with covering every detail about it everyday and more frequently. With this the information is naked to a wider range of audience. Its part of the daily life conversation you can start having with someone that is not into this industry or someone who has started a long time ago.
It was this month that the Wall Street Journal mentioned Bitcoin on its front page, highlighting that Bitcoin has had a strong 2017.
As if its today we can remember 2 years ago where every mainstream news station was talking about bitcoin and its development.
- Law and legislation changes that are shaping the future
It’s like a race of countries which on is the first and leads towards this future.
Australia following Japan announced changes in law and legislation that will take away the double taxation on digitial/crypto currencies.Australians using bitcoin for transactions are liable for the 10% goods and services tax (GST) plus a further 10% tax for using ‘intangible property’ as a payment medium. Come 1 July 2017, these transactions will only attract GST, and be exempt from further taxation, no doubt fuelling a greater adoption of digital currency transactions.
Link to a direct article only about:
From the 1st of April 2017, Japan announced the country and its government would notice bitcoin as a legal tender which follows with the administrative and accounting system to be enhanced for Digital currency to take place smoothly.
- Institutional money Flow increasing
Normally, by record institutions of the financial industry are known for being wary about Bitcoin now are showing increasing of interest in the digital asset.
When compared to the performance of stock markets and fiat currencies, combined with more and more regulatory structure coming into place, it is unsurprising that institutional money has started flow into the crypto-economy.
Regulations that should be done could be on of the largest barriers for institution investments into cryptocurrency.
Sweden was one of the first movers in terms of a regulated Bitcoin investment. Back in May 2015, the KnC Group launched the world’s first ‘Bitcoin Tracker’ known as an exchange-traded note (ETN), which is publicly traded on a regulated exchange
- These 5 points are just 1 of a lot of supporting factors that are helping the train to rocket. Driving demand, expanding its utility and subsequently, increasing its value and price.
This is what makes me think that Bitcoin will once again surprise us.