A day in the life of Bitcoin at the moment is wrapped in uncertainty. Granted, the value of Bitcoin seems to have plateaued with no real changes taking place over the past few days. Even so though, the element of calm possessed by Bitcoin at the moment, shouldn’t be taken for granted. As with all cryptocurrencies in general, things could change in an instant.
We do hope to see Bitcoin take off again soon enough, it has certainly recovered from it’s disgustingly low drops as seen through March into April but overall, Bitcoin does have a long way to go before a full recovery to $20,000.00 has been made. Indeed, this is all entirely possible.
At the time of writing, Bitcoin is valued at $9,226.68 and is up 0.48%. Its current value means that we can assume Bitcoin is on a steady trajectory to $10,000.00, but, with BTC dominance down to just 35.8%, it does seem that the Bitcoin empire is starting to fade, how will this impact its value? I’m not sure.
So, according to Bitcoinist.com, here’s five things that will see the price of Bitcoin Skyrocket, allowing us to tip the scales at $20,000.00 once again.
Better Security Infrastructure
Okay so, Bitcoinist.com believes that a better security infrastructure is needed to allow Bitcoin to grow. We agree with this, as so many people still fear cryptocurrencies and trading, new security protocols could alleviate some of those fears and those get more investors on board. With the current crypto-climate constantly pointing towards a more security focused future, Bitcoinist.com believes that once this new infrastructure is implemented, we will see the price of Bitcoin shoot, though sudden, worldwide investment.
According to Bitcoinist.com, protocol enhancements could be used to ensure the price of Bitcoin is stabilised, this in turn would complement the new security parameters and make cryptocurrency trading more certain. Likewise, we believe that in order for Bitcoin to become a truly adoptable currency, it’s price does need to find a mean level. Bitcoinist.com believes that as current protocols are being developed, we could see a more stable price range for Bitcoin approach us soon… now apparently, that will make the price of Bitcoin skyrocket, what?
I sense a bit of a contradiction here, but I sort of see the point they are trying to make – in order for Bitcoin to be taken seriously on a mainstream level, it needs to calm down, basically.
As bigger institutions decide to invest in Bitcoin, Bitcoinist.com argues that this will encourage a huge new cash flow that will in turn skyrocket the Bitcoin price. Of course, for this to happen big investors need to start paying an interest in Bitcoin, and for that to happen, I think the first two points we have covered, need to be considered first.
This coincides with the point about better security infrastructures. Bitcoinist.com argue that as regulated exchanges become more popular, the price of Bitcoin will skyrocket, once again though increased levels of investment, as a result of the safer environment some regulation can contribute too. Again, we agree with this and believe that good regulation will in turn go on to really benefit, not just Bitcoin, but the entire cryptocurrency market as a whole.
ETFS or Exchange-Traded Funds, according to Bitcoinist.com allow for easier trading via brokerage accounts. With this in mind, and simpler access to trading, more people will come onboard and thus, the industry will find a new income source that in turn, could lead the price of Bitcoin to skyrocket.
In this, Bitcoinist.com are referring to an article from Forbes, which you can read for yourself, here- https://www.forbes.com/sites/panosmourdoukoutas/2018/05/02/3-things-that-could-lift-bitcoin-prices-to-new-highs/2/#6be45bd571dd
Now some of these points may be a bit utopian, regardless of that though, all of the above does seem to be happening, security is getting tighter, regulations are starting to allow cryptocurrencies to flourish and big investors are starting to pay interest.
The price stabilisation point is a bit redundant as really, a stable price will encourage adoption but, in its essence, a stable price can’t really relate to a skyrocket in price as the notion of a skyrocket or a spike, is very unstable in its being.
Above all, Bitcoin still has a very promising future, all of the above does also relate to the rest of the cryptocurrency market and should the climate suggested above fall seamlessly into place, we could indeed see prices skyrocket, market-wide, in the not so distant future.