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Bitcoin Price rose because of Trump
After reaching a value of $1,840, Bitcoin price is currently stable around $1,820 while I’m writing this article.
The recent growth of the Bitcoin price seems to be affected by President Trump administration and the economic uncertainty of the US.
Or, at least, this is a theory shared on Cointelegraph.
From the first day of his presidency, Trump indirectly influenced bitcoin price through his dubious politics.
Also, Bloomberg reported that the major American stock indexes experienced their worst performance in eight months while the richest billionaires lost $35 billion because of the Trump’s turmoil.
For example, Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg lost almost $4 bln due to the Dow Jones Industrial Average drop of more than 370 points.
Evercore ISI Executive Dennis DeBusschere explained to Bloomberg:
“What has been setting in over the course of the day is that political uncertainty is something that’s likely going to be with us for a significant amount of time. We may be looking at a higher volatility backdrop with a trending lower market for the next couple of months.”
So, during this period of financial uncertainty, investors decided to protect their wealth by investing in bitcoin and gold.
Gold gained around 1.9% and Bitcoin price recorded a 7% growth, almost reaching its current all-time high price of $1,868.
This way, bitcoin seems to become a safe-heaven, with a growing number of investors.
As explained by Cointelegraph, a $10,000 investment in gold back in 2010 would have led to a loss of $20, while a $10,000 investment in Bitcoin would have led to a net gain of $200 mln.
So, investors started to trust Bitcoin, that is considered similar to digital gold, in order to avoid market instability and economic uncertainty.
The US market will struggle to recover during the next few weeks, so Bitcoin price is likely to maintain its upward trend and potentially it will set a new all-time high.
The rise in bitcoin demand within the US is clear and recently the US Bitcoin exchange market passed the Japanese one for the first time in 2017, at least for their trading volume.
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Price tripled in 1 year: why you should hold bitcoin
Bitcoin price is nearing its all-time high price of $1,277, maybe because of the impressive growth within the Japanese bitcoin industry. Read here why you should hold bitcoin.
Experts argue that bitcoin price will increase consistently in the mid-term if Japan and the US sustain their growth and if small markets such as India will decide for a massive change related to bitcoin regulation.
Bitcoin price drove by India and Japan
India has always been considered the more important Bitcoin markets because of its poor banking system.
Right now, in fact, 40% of India population can be defined as “underbanked“.
The greatest part of people in India cannot rely on banks and financial institutions to manage their funds.
Recently, the demonetization of 500 and 1,000 bank notes decided by the Indian government led to a national financial crisis, as banks and ATMs ran out of cash to dispense, so Indian citizens cannot obtain cash for their daily basic needs.
Also, PwC explained that 233 mln Indians didn’t have any access to bank accounts since October of 2015 and 43% of adults in India made no deposits or withdrawals in any banks or financial institutions.
Bitcoin hold: why?
Bitcoin exchanges in India – such as Zebpay and Unocoin – began to see a huge growth in their user base and trading volumes.
One key factor that would allow the Indian Bitcoin industry to grow at a rapid rate similar to China, South Korea and Japan is the legalization of Bitcoin.
Bitcoin regulation in India should arrive this summer, according to recent press releases.
This way millions of new users would emerge, and Bitcoin price will rise in the mid-term.
That’s why you should hold bitcoin and store them in a safe place.
Open your bitcoin wallet here on the HolyTransaction multicurrency wallet. You can store more than 10 digital currency within the same account, so it is very easy to manage.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Bitcoin regulation is necessary for its success, said Bank of Canada
According to a recent paper published by Bank of Canada, researches explain that Bitcoin regulation is necessary for it to reach worldwide success.
A paper published this week, in fact, suggests that digital currencies like bitcoin won’t succeed in the long-term without any government support.
To write this research, experts examinated the viability of virtual currency, looking to previous examples of Canadian currency such as the so-called “Dominion” as a guide.
This is not the first time Bank of Canada is involved in blockchain and bitcoin-related projects.
A few months ago, in fact, we saw Bank of Canada involved in the so-called “Project Jasper” to develop a prototype system for issuing a bank-backed digital currency and a payment system using the technology.
While we are still waiting to know more details about Project Jasper, the just released paper explains a common thinking among central banks on the topic of cryptocurrencies: bitcoin and other private digital currencies need goverment support to succeed.
“We conclude that well designed and managed private digital currencies could circulate widely but only with appropriate government regulation to ensure their safety, soundness, and uniformity.”
Bank of Canada has already expressed its concern about digital currency, saying a few years ago that digital money popularity could reduce the effectiveness of monetary policy.
“A central bank can always get its digital currency into circulation, but its digital currency will not necessarily drive out existing private digital currencies,” wrote the authors of the paper.
Bitcoin regulation worldwide
From Poland to Denmark, from Switzerland and Japan, several countries all around the world are working on Bitcoin regulation projects.
Recently European Commission created also a task force to study and regulate digital currencies and the blockchain within the whole country.
Click here to read more about Bitcoin regulation in Europe and beyond.
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France Bitcoin Tests by the Central Bank
France Bitcoin tests have been revealed by the French Central Bank last week.
The Banque de France published a press release on Friday where it talks about its technology tests for use in the management of SEPA Credit Identifiers.
According to the French central bank, one of the key participants in this project is the Caisse des Dépôts et Consignations, and the Paris-based startup called Labo Blockchain.
The project began in July 2016 and culminated in October with the creation of prototypes for creating and managing SEPA Credit Identifiers.
The central bank also explained how meetings were held with stakeholders as the project moved forward, indicating that more details about the project will be revealed in 2017.
France Bitcoin project and more central bank efforts
This is not the first time a central bank test the distributed ledger.
A few months ago, in fact, central banks in Japan, Sweden and Singapore launched similar projects.
Also, earlier this month, the US Federal Reserve published its first major research paper on the ledger you can read here.
Credits: Coindesk.com
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Universities can have their own Bitcoin Nodes thanks to BSafe
How universities can have their own Bitcoin Nodes thanks to BSafe
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Mitsubishi invests in Blockchain
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Digital Currencies Wallet
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Hitachi is studying the Blockchain
In a press release, Hitachi explained:
“By establishing the Financial Innovation Laboratory in the Silicon Valley, Hitachi will accelerate research [and] development of blockchain technology, collaborative creation with customers, and development of solutions to support business innovation in financial institutions.”
Hitachi partners with Hyperledger
This statement follows a previous company’s news related to the blockchain: in fact, in February Hitachi joined the Hyperledger Project, an advaced blockchain technology that aims at “identifying and addressing important features for a cross-industry open standard for distributed ledgers that can transform the way business transactions are conducted globally.”
The Hyperledger Project is a Linux Foundation collaborative project that stars some of the most important companies in the world, including IBM, J.P. Morgan, Fujitsu and many more.
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