NEW YORK CITY, New York – Currently trading at $7,809.22, the Bitcoin price analysis has presented the digital currency’s price going wild. During the first quarter of 2018, a lot of people saw Bitcoin’s dramatic price drop by 60%, slashing billions of dollars in its total market capitalization. But the cryptocurrency has recently bounced back rallying more than $1,000 and clocking a 13% gain from yesterday’s close.
With Bitcoin going in limbo due to tax seasons, continued oversight worldwide, and the Tokyo-based Mt. Gox Bitcoin Exchange fallout, its eventual acceptance remains a debate with two dominant perspectives: the upbeat bulls’ and the defeatist bears’ opinions.
For Bitcoin bulls, investors are still to grow in number. They argue that the blockchain technology awareness is still in its early stages.
With heightened consumer demand for faster remittances, mainstream fintech firms like Microsoft and Expedia continuing to demonstrate their interest in adopting Bitcoin payments, and retail giants, like Walmart, Costco, and Amazon, soon possibly joining the bandwagon, Bitcoin’s widespread acceptance is expected to come to fruition.
On the other hand, Bitcoin bears actively maintain their opposition against Bitcoin. Seasoned investors like Berkshire Hathaway Chairman Warren Buffett and his partner Charlie Munger both dismissed digital currencies as little speculative bubbles.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) intensified stringent regulations of virtual currencies, disputing their legality and nature of being a visible hype.
Finally, to further rub salt to cryptocurrencies’ wounds, tech giants like Twitter, Facebook, and Snapchat have all prohibited ICO advertising. Countries like China, Colombia, and Nigeria have seriously denounced Bitcoin’s ability to replace their legal tender.
Nevertheless, despite the prolonged Bitcoin debate, the blockchain technology has emerged as the saving grace for cryptocurrencies and is expected to highlight 2018. A robust technology tantamount to the future of the Internet, the blockchain technology is seen to boost virtual currencies’ and blockchain-based equities’ trading prices.
Inter-industry benefits like fraud elimination, cost reduction, improved value-based care, and swifter payments are also anticipated. With the blockchain technology saving the day, succeeding Bitcoin price analysis will eventually lean on the positive for the long haul.