For anyone who is unaware of exactly what Bitcoin is and how it is traded, it might be a good time to seek a quick education into the nuances of the world’s top crypto-currency. Compared to bullish stock markets in the US, London and parts of Asia, nothing could possibly compare to the 200% increase Bitcoin has experienced in just the last five months.
Currently, Bitcoin is trading at just over $3,000 per coin. The price continues rising to record levels on a daily basis. In the process of this meteoric rise, the valuations for other crypto-currencies are also experiencing substantial growth as investors seek to find the ones that will be able to compete with Bitcoin as a viable means for exchange.
According to Brian Kelly, CEO and founder of BKCM and a CNBC contributor, crypto-currency is “in the first years of what is likely to be a multi-year bull market. Of course there will be corrections and even crashes along the way, but bitcoin is here to stay.”
This shouldn’t come a surprise to investors that have seen Bitcoin increase in popularity throughout many portions of Asia. The primary reason for the currency’s increase in price over the past few months in because the Chinese government formally approved it as a form of legal tender for goods and services. This is further complimented by the fact Japanese lawmakers are looking to make similar moves.
Many folks are waiting to see how quickly financial markets and merchants in the US are going to begin accepting Bitcoin and other digital currencies as a legitimate form of currency. To date, the Federal Reserve and many banking organizations have Bitcoin under close examination. Should the US Federal reserve decide to recommend acceptance of any digital currencies, one can expect to see a massive explosion in the valuation of any digital currency deemed to be legitimate.