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BTC/USD A Clear Vision to the Oldest Cryptocurrency or Not?

BTC/USD

June 29, 2020 | 

936 Views | 

JOHN K MWANIKI | 

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As one of the most valuable coins, Bitcoin price fluctuations are agonizing. Most investors tend to hold off due to uncertainty. However, the currency has undergone several developments in the past years to charter a clear path. 

Here are some of the things to understand to know the vision of the coin;

Understanding the Market Trends 

To understand the BTC/USD vision, you have to know its past. The first-time bitcoin got traction was in 2017. The Bitcoin rush of 2017 and early 2018, saw it trade some of the highest values ever.  It hit the $20000 mark. 

However, in 2018 the coin reduced to some of the lowest values ever. The reduction was as a result of the market readjusting to the currency. Being a new coin rising fast, most of the traditional quarters raised fears.

Some like JP Morgan boss claimed Bitcoin is a fraud making most investors to shy away. 

However, 2019, was the year of the rebuild. After struggling in 2018, the next year offered the best chance to reinvent the use of the coin and possible impacts. Most companies started adopting the currency, just like other high net worth individuals.

Most countries came up with legislation to control the use of the coins. While some countries became open to Bitcoin, others banned it

After all the fluctuations, the coin is stable, and it suddenly looks like it needed all the changes to have a clear vision. 

Increased Bitcoin Uptake 

The other significant improvement that has so far become evident in 2020 is the widespread adoption of the coin.

Unlike before, when most investors were pessimistic towards the currency, they are currently embracing it. This change in attitude is due to the resilience of Bitcoin. 

Bitcoin has proven to be the ultimate investment asset after weathering the Covid-19 effects. While most of the assets have been decreasing in value, Bitcoin has continually improved. The traders now consider it as the best alternative investment. 

The other reason for the increased uptake is a promising future. Almost all Bitcoin predictions for 2020 show an upturn with the possibility of the coin hitting the $20000 mark.

Already several people are regretting not buying Bitcoin at its lowest in 2018. They wouldn’t want to miss another chance to reap from the ever-improving coin. 

Possibility of Bitcoin Becoming Mainstream 

With an increased uptake comes popularity. Even though Bitcoin has been the most popular crypto, the traditional economy has never been so open to embracing it. The stance is slowly changing, with several payment processors coming up. 

The beauty of the processor merchants is that companies don't have to worry about systems or exchange rates. Once they have contracted the processors, they only have to wait for payments. 

The other way through which Bitcoin is becoming mainstream is through adoption into Wall Street. Wall Street seeks to bring stability to the coin by introducing derivatives like Bitcoin Futures.

Unlike the currency, the derivatives come in locked prices that don't fluctuate at all times. The derivatives are traded in highly regulated platforms that bring more security. The stability and security come with more mass acceptance of Bitcoin. 

Some governments are also on native cryptocurrencies. For example, China is on the verge of unveiling the official cryptocurrency, while Japan already runs a hugely successful crypto economy. 

The other reason for the mainstream possibility of the coin is through adoption by some national governments to replace the national currency.

Countries with struggling national currencies might consider Bitcoin due to its widespread acceptance and the high level. Already plans are underway in Zimbabwe and Venezuela in replacing their national currencies with Bitcoin. 

Increased Regulation 

One of the concerns that come with Bitcoin is the low-level regulations that make it susceptible to use for criminal activities. However, with the coin becoming mainstream, the management will go higher. 

There have also been concerns about the possibility of a backlash in case of increased regulation. That most users prefer Bitcoin due to its anonymity and decentralized nature.

By governments controlling the crypto, it becomes another version of the fiat currency—such fears have seen the rise of the altcoins in the past year. The altcoins are always looking for ways to improve on anonymity. 

However, governments understand the concerns that come with increased regulations. Instead of controlling all aspects of the trade, it only has to concentrate on the trading platforms.

While the trader and miner might operate freely, no coin would pass through the trading platforms without proper due diligence.

So far, the regulation has been successful with Bitcoin Futures on the traditional exchange markets. The more regulated Bitcoin becomes the better chances of stability. 

Wrapping Up 

Even though volatility has been an issue with Bitcoin, it is more likely to be on a clear. Already Bitcoin has introduced halving and also received mainstream support, which is expected to increase the value of the coin. The oldest cryptocurrency thus has a clear vision. 

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