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The falling Bitcoin price is just a blip… Here's why the industry surrounding it is going to boom taking the Bitcoin price with it

by , 13 October 2014

The Bitcoin price is under pressure again. It looks like Bitcoin is continuing on its volatile journey.

But it's not surprising the price of Bitcoin is so volatile. It's a new technology and people are struggling to place a value on it.

Bitcoin's rollercoaster ride hasn't deterred those who see its full potential. In fact, the ‘ecosystem' surrounding Bitcoin is booming.

Let's take a closer look at what's going on…

The thriving ecosystem surrounding Bitcoin

Coindesk’s third quarter report on the “State of Bitcoin” shows that Bitcoin is doing extremely well despite the price being under pressure.

The lower Bitcoin price isn’t deterring these developments, David Zeiler in Money Morning US explains.

Last week, the largest provider of Bitcoin wallets, Blockchain, secured $30.5 million in venture capital. This is one of the biggest of its kind into a Bitcoin company.

This year so far, venture capital investment tops $220.74 million. That’s already two-and-a-half times the venture capital secured last year and there’s still a couple of months left in the year.

NASDAQ-listed Overstock said last Monday that it’s working on a stock exchange using Bitcoin technology.

Bitcoin is gaining traction. Just consider these facts…

  • In the third quarter of this year, merchants accepting Bitcoin soared 21%, to 76,000.
  • In the same period, the number of Bitcoin wallets rose 21% to 6.56 million.
  • And Bitcoin ATMs rose 144% in the quarter.

What these developments mean for Bitcoin

If anything, the low Bitcoin price could be a chance to snatch up some of the digital currency at a bargain price.

As the full potential of Bitcoin becomes apparent, the price will rise. As infrastructure using Bitcoin develops, so will the price of Bitcoin.

How high Bitcoin can go is a matter of speculation, but it should be significantly higher than the current price.

So there you have it. Why the industry surrounding Bitcoin is going to boom, taking the price of Bitcoin with it.

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The falling Bitcoin price is just a blip… Here's why the industry surrounding it is going to boom taking the Bitcoin price with it
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