The Future of Bitcoin, From Investment to Currency
Bitcoin has been the cream of the crop as far as Cryptocurrencies are concerned. With a market cap of USD $252 billion and a current evaluation of USD $10,635.50 per 1 BTC, the world has certainly smiled on this rogue Cryptocurrency.
For those who feel like they have missed the boat on Bitcoin and its various iterations, we should let you know that now is an excellent time to jump into the Bitcoin or blockchain market. Only one month ago the coin price crested at USD $19,974. Anyone can see that this is nearly $9,000 less between then and now – and most of the skeptics of the Cryptocurrency have now turned into supporters. The expectation is that coin prices will gradually rise over the coming years as more banks and institutions invest and accept BTC as a form of payment.
The announcement of futures trading on December 11th, 2017 was a major shift towards stabilization. Announced through the Chicago Board Options Exchange, the coin price weathered a little dip in value but has since regained a strong footing.
However, there are some issues to look out for in 2018 – namely regulatory attention and the potential for more forks. Both of these will harm the Bitcoin price in the short term because investors may get cold feet, but in the long run, it will only further stabilize the cryptocurrency which only has 4 million more coins to be mined.
The incredible rate of global Bitcoin adoption means there should not be much concern about its future. Countries are all orienting themselves in different ways to adopt the cryptocurrency. In Japan, some of the largest companies have already adopted it and are seeing enormous popularity with the decision. The electronics retailer, Bic Camera, has been accepting Bitcoin for a few months now, and their stock has been strong ever since. The largest energy company in the country has also begun accepting Bitcoin, as well as the airline, Peach. These are positive signs seen around the world signaling that the global adoption of Bitcoin is well underway. The hope remains that Bitcoin and all Cryptocurrencies will soon be recognized globally as currency.
Will Bitcoin Move from Investment to Currency?
One of the biggest concerns is that Bitcoin will never become a currency in actual use. The potential ramifications of it remaining a purely investment vehicle are unclear, but surely do not bode well for all the BTC spin-offs getting so much traction these days too. Will they all remain disconnected from actually currency use once all the big investors buy all the available Bitcoin? Only time will tell.