Bitcoin has just soared over the $7000 mark this morning hitting a new record high. Since then, price adjusted again at just over $6900 and is hovering on the 7k doorstep threatening to barge in. The big question is: why the Bullish Bitcoin Rally? Bitcoin is still largely volatile despite its price hike.
In 2017 Bullish Bitcoin rang in the New Year with much aplomb. It was the first time that it topped the $1000 mark. If anyone would have foreseen the huge price increase, then they would have undoubtedly placed all their worldly investments in this cryptocurrency and cashed in by now – raking fortunes. However, there are still plenty of concerns over the volatility of the bullish bitcoin. Bitcoin remains prone to sharp drops and instability.
Is Bitcoin really an investment opportunity? Can we still expect to see capital growth with Bitcoin? Is Bitcoin a fad? The heavyweights of the Economic World seem to have very divergent opinions about Bitcoin. Like it or not, it is fact, not fiction, that Bitcoin price has been very Bullish, and some traders, investors and speculators have made some serious money over the past ten months with Bullish Bitcoin.
Bitcoin is a decentralized currency and the price is based entirely on the demand and supply of the bullish bitcoin. Its price does not depend on government manipulation, economic forces of particular countries, but depends on trading volume.
So what has changed in the past few days to make the price of bitcoin to keep pushing high? The rapid growth of bitcoin stems from the shifting patterns of world finance. Just like the Internet changed the way in which we communicate, digital currencies will be shaping the way in which we will be doing business in future.
It comes as no surprise that financial moguls like J.P MorganChase notably the CEO Jamie Dimon has so far twice made sweeping statements warning that Governments will close down Bitcoin if bullish bitcoins becomes too big.
Banks cannot be too amused that this peer-to-peer method of payment could eventually do away with the banking system altogether – saving its users billions in charges.
Governments, can be and have been stringent on exchanges. But Bitcoin itself cannot be closed. Bitcoin is Stateless and therefore cannot be closed down by any particular state. Exchanges may be subject to more rigorous rules and scrutiny. Whoever may be buying the currency for the first time will need an exchange. But as far as transactions from peer-to-peer are concerned, no exchange is required – but only a valid wallet.
In case you do not know how to buy and store bitcoin safely – THIS ARTICLE may be interesting for further reading.
Latest News on the Bullish Bitcoin Tops $7000 Price Mark
According to the price chart on CoinDesk Bitcoin has now topped $7000 and is standing at $7117. This sudden boost in the price of Bitcoin results from the statement made by CME Group Chairman and CEO about the launch of bitcoin futures (pending regulatory review).
Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract.
CME is the largest futures exchange in the world. On Tuesday 31st October, it was announced that it would introduce Bitcoin Future in the fourth quarter of 2017.
Shortly after this announcement Bitcoin, which had been settling around the $6500 price since before the weekend started rallying and hit its record high. Bullish Bitcoin has continued to defy expectations notwithstanding that three more Exchanges were closed in China this week.
Crypto Currency Exchanges became officially dead in China on the 1st November 2017 – a somewhat ironic choice of date for the Catholic Calendar being All Souls Day! Technically, it is now illegal to do any onshore crypto trading in China. Which means that it is only official and legitimate offshore – which is of course where it is all heading.
Huobi, one of the largest three Exchanges in China, has now moved operations in Singapore, Hong Kong and South Korea.
We doubt that we have heard the end of the story with China and Bitcoin or Cryptocurrencies for that matter. It is not unlikely that China will at some point resume trading by regulating Exchanges and issuing licenses based on stringent and strong rules pertaining to transparency.
Bullish Bitcoin – Who’s Who Saying What’s What!
Bullish Bitcoin is at the helm of all cryptocurrency controversy. This past month has seen several FinTech world conventions and some the economic world blog busters have not failed to make their impacts with their divergent opinions on digital currencies particularly Bitcoin. Bitcoin opinion is as opposing as the four winds put together.
Warren Buffet : Bitcoin is a Bubble
“You can’t value Bitcoin because it’s not a value-producing asset”
Mark Cuban: Agrees With Buffett
one of the clear indications of it being a bubble is how people boast about being able to easily make money out of it.
Bitcoin is Unstoppable – No One Can Stop Bitcoin – Bitcoin is Better than Currency
“If bitcoin ends up being the cyber equivalent of gold it has a great potential left”
Where is Bullish Bitcoin Heading? Final Thoughts
Whilst, on one hand, notable investors say that Bitcoin is a bubble or The Tulip Industry that will come crashing, others are looking at a $10k benchmark as the New Year rings in. There is no conclusive argument where Bullish Bitcoin is going to be headed.
2017 has sparked wildfire interest in Bitcoin and cryptocurrencies. With a market cap that has now topped $200 billion, it is hardly an economic question that can be ignored.
Volatility, uncertainty, and hacking (MtGox debacle) versus capital growth, facilitated means of payment, and the future are all arguments for and against.
Whether you are in the business of trading or long-term investment, there is scope for making money with the rise of the bullish bitcoin. However, we would certainly advocate caution on all fronts. Trading is high-risk. Some call trading bitcoin as gambling, whilst others think that bitcoin is the future gold. Whatever aspect you prefer to take, we all stand with bathed breath watching the rise of the Bullish Bitcoin.
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