In the world of Bitcoin, it's all about confidence August 2017
The month of August is off to a buoyant start for Bitcoin. Within hours of the hard fork, Bitcoin shrugged its shoulders, clearly undeterred, and then proceeded to dug in its heels for what was to come. In contrast to the many naysayers, who foretold of a rapid decline, Bitcoin quickly marched onward and upward, to within a hair's breadth of S$4,500, a new all-time high!
Since then, it's range-bound between a very healthy S$4,100 and S$ 4,450. There will some consolidation and some profit-taking, this is to be expected after such a meteoric rise amid such heavy volume. But for the next several weeks to several months, Bitcoin's outlook is looking great.
So what's driving this current surge? A number of factors are suspected.
First and foremost, since the majority of Bitcoin Cash recipients never had any real affinity for the FOC coin to begin with, pretty much the only thing on their mind right off the bat was to sell off the unwelcome offshoot for more Bitcoin. Sure, some converted to Fiat and some used their Bitcoin Cash to buy one or more alt coins of their choice. But most Bitcoin holders converted their free BCH to BTC, which obviously drove up the latter's value.
Another important reason for Bitcoin reaching the recent unprecedented levels is the fact that there's quite demonstrably ever more buzz resonating from institutional investment circles.
To wit, the Chicago Board Options Exchange, the largest U.S. options exchange, and Gemini Trust announced an agreement to use Gemini's Bitcoin data in order to offer investors Bitcoin options and futures. Approval by the U.S. Commodity Futures Trading Commission is expected shortly, given that it's already given the nod to Ledger-X and TerraExchange, two other Bitcoin-enabled U.S. derivatives clearing house firms.
Inspired by this, some more institutional investors, such as hedge funds, Bitcoin Investment Funds, and perhaps even Pension Funds, may now also enter the fray by actually beginning their accumulation of Bitcoin. Examples of Bitcoin Investment Funds that have either started buying Bitcoin or are chomping at the "Bit" to do so are:
Coin Capital Partners,
Falcon Global Capital,
Bitcoin Investment Trust and Global Advisors Bitcoin Investment Fund. Once all of these funds go in whole-hog, it stands to reason that it won't be long before S$5,000, S$6,000 and S$7,000 will come into view. And beyond.
Some of the money waiting to go into Bitcoin now is speculating that the SEC will soon approve of The Winklevoss Twins ETF submission. Should the SEC reverse its previous decision, it's expected that Bitcoin will go through a period of exponential growth.
As it stands currently, Bitcoin has tripled in value in one year and now commands a solid $52B market capitalization (as of this writing). And with established financial services companies like Fidelity Investments Inc's recent addition of Bitcoin into their customers' platforms, this value is likely to continue to go up.
Incidentally, let's not forget that this Bitcoin episode that has just culminated successfully, the SegWit episode, is one that has once again shown Bitcoin's spectacular resilience.
The way Bitcoin just goes from strength to strength, gaining S$1,500 in just three months, even in the face of an internal dispute about how to progress, and even in the face of the birth of a competing spin-off coin, will once again have impressed countless investors old and new. Many of these may have been sitting on the fence before, but without doubt a lot of these will now be more confident than ever to put some of their money into Bitcoin.
With SegWit activation complete and the Bitcoin Cash hard fork in the rear view mirror, Bitcoin hodlers see nothing but smooth sailing ahead for the next couple of months.
The date today is August 15th and, given recent developments, an update is more than due. Why?
Bitcoin just surged to another All-Time High
The Bitcoin Price Just Inched up to Set Another All-Time High
Bitcoin Resumes Climb, Extending 2017 Rally
Bitcoin Suprpasses S$5500
Reaches Another Milestone
Bitcoin Surges Past $5500
Bitcoin Breaks $5500
Bitcoin Surges Past $5500 on Speed Breakthrough
Bitcoin Passes $5500 to Reach All-Time High
Bitcoin Price Breaks $5700
Bitcoin Vaults to New Record above $5.5K.
Bitcoin unleashed. In fact, it didn't stop there, as Bitcoin topped out at S$6000 earlier today and is currently $5700-$5900 range-bound.
No one knows where this ride will end, but, clearly, things are looking rosier and rosier for Bitcoin.
I wrote the above article myself and it expresses my own personal opinions and views on Bitcoin. I am unable to guarantee that the information and/or results will be correct. Furthermore, whilst I own some cryptocurrencies, I do not receive compensation for my writing and I have no business relationship with any of the companies mentioned in above article. In addition, I am not an investment advisor and above article is for purely informational purposes. Investors are advised to personally undertake adequate due diligence, or to consult a financial advisor in order to determine what assets - if any - are appropriate to invest in.
Bryan, a Singapore PR, has spent two separate stints in Singapore, spanning close to two decades. As is the case for most non-techies, although Bryan's first exposure to Bitcoin was around 2010, it wasn't love at first sight. However, Bitcoin's impressive resilience, meteoric rise and world-changing potential have converted Bryan, to the extent that he has now pivoted to fully commit to Bitcoin.
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