With mixed sentiment on the primary cryptocurrency, this new landmark will go far in order to silence critics. Bitcoin price progression has been incredible this year with the currency opening at this year’s trading at around 792 dollars. If the currency had been a stock it would have comfortably been one of the picks of the year. However, despite its ever-growing following and attraction to investors Bitcoin hasn’t escaped its share of scepticism.
Whilst Bitcoin price tends to drop when any one country limits or bans Initial Coin Offerings the price systematically recovers and pushes on.
A great example of this is when in September Bitcoin’s Price fell sharply from $4584 to $4350. The price drop followed news that China had ban ICO. However, despite Chinas economy being the superpower it is the ban has done little to quell global appetite for cryptocurrencies and Bitcoin’s price hasn’t faltered.
As Bitcoin has been in existence for many years now it would never be directly affected. Only new cryptocurrencies wishing to raise capital in a certain geography are affected and typically
As momentum and alternatives to FIAT currencies come to the forefront and gain more interest both from the media and investors influential heads will naturally get quizzed on their thoughts on cryptocurrencies. The Head of the International Monetary Fund has spoken openly a handful of times. She openly admitted that she expected cryptocurrencies to disrupt current means stating
I think we are about to see Massive disruptions.
Speaking to CNBC during a seminar about the development of the FinTech industry she did not rule out the possibility of the IMF collaborating with or creating their own cryptocurrency saying
What we will be looking into is how this currency, the special drawing right, can actually use this technology to be more efficient and less costly, continuing she said
My hope is that we can participate in that process because I see that as a very cross-border process.
Whilst many including Christine La Garde have looked upon the function of cryptocurrencies in order to assist cross-border payments and provide alternative investment other have been less complimentary.
Also via CNBC Jamie Dimon launched a scathing attack on Bitcoin calling the leading cryptocurrency citing the digital currency as a fraud that won’t end well. He continued on the investment side of Bitcoin saying that if investors are stupid enough to buy it then they will pay for their choices.
It is worth mentioning that during the same week as the interview JP Morgan Chase announced the launch of their own blockchain- based technology in order to dramatically reduce the time taken to remit global payments.
Whilst rumours of Bitcoin touching $25,000 over the next five years may have once appeared outlandish it would appear that the more media coverage the Digital currency receive the higher Bitcoin’s price shoots. A price of $10,000 is mooted by April by cryptocurrency experts and who in their right mind would bet against that predictions. Bitcoin’s price has risen over 40% this month alone.
There is understandably always a risk that central banks could step in to regulate or govern the currency in some way. The Digital currency allows individuals to make payments completely anonymously, at some point policymakers will look into this and that will potentially affect Bitcoin’s Price more than investors’ appetite.