Chances are the price of Bitcoin is going to fall further over the short-term
Between October and November last year, the price of Bitcoin
soared tenfold! When a market gets ahead of itself like this, it can take a while for the true bottom to come in.
As it stands, it’s not unreasonable to see Bitcoin down to around $200.
The problem with Bitcoin is it needs the price to rise for more people to use it. And for the price to rise, it needs more people using it.
So you can see the catch 22 situation Bitcoin finds itself in at the moment.
The technology surrounding Bitcoin is key to its success
The potential for Bitcoin technology is astonishing, Dominic Frisby in Money Morning UK
explains. This could in fact make Bitcoin the next great bull market. Think of it as dotcom in the 1990s and commodities in the 2000s.
Bitcoin has the potential to cut out intermediaries at every turn. And once venture capital starts to explore these opportunities, it’s going to get exciting.
Just think about how Bitcoin could change things.
For example, Overstock, an online retailer, is putting $15 million into software development which uses Bitcoin in order to issue shares over the internet. This would remove the need for much of Wall Street!
The evolution of Bitcoin
As it stands Bitcoin is probably where the Internet was in the mid-1990s. The vast majority of people then couldn’t understand the role of the Internet and how it could play a role in their lives.
Now imagine not having the Internet and email at your fingertips?
Bitcoin finds itself at this stage where people are confused by the new technology it brings with it.
Bitcoin usage is growing
But people are starting to change their stance on Bitcoin.
An increasing number of merchants are now accepting the digital currency. It currently stands at 73,000 according to Coindesk. And these merchants include household names like Dell and PayPal.
The number of Bitcoin wallets is five times higher than a year ago. And there are now 251 Bitcoin ATMs. This time last year there wasn’t one.
With the use of Bitcoin growing, and an increasing number of people adopting it, it looks like it’s only a matter of time before the price starts to reflect this.
Bitcoin looks like it’s here to stay.
So there you have it, what’s going on with Bitcoin.
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