After a nasty correction, Bitcoin is back in the green zone. The ‘people’s currency’ has gained 4.38% in the last 7 days alone. The price is currently surging at 4.94%. It has crossed the $9500 mark and currently is priced at $9675.74.
That’s close to 50% up from its recent lows, an encouraging sign for Bitcoin bulls.
Some experts think the digital currency will reach and beat the old high, provided that three things go in Bitcoin’s way.
The first thing is higher Bitcoin adoption rates as a store of value and as a medium of exchange, two functions common among conventional currencies. That, in turn, will take a better security infrastructure.
Christian Ferri, President, and CEO of BlockStar says:
“Assuming Bitcoin will be used as store of value going forward (e.g. digital gold), a better security infrastructure overarching the entire crypto ecosystem will be needed for people to place trust in this new financial medium and start using it. Once this happens, more people will jump in, so a scalable infrastructure will be crucial. “
“If new enhancements are done to the protocol to allow Bitcoin (or a fork of thereof) to become a medium for everyday transactions (e.g. buy your Latte with Bitcoin), we’ll need a stability mechanism in place, on top of security and scalability mentioned above. This way that Latte won’t cost you $5 today and $50 tomorrow.”
Second thing on the list that could help Bitcoin reach new highs is the inflow of institutional money into crypto index funds.
Paul A. Taylor, Executive Chairman, Fabric Foundation says:
“The influx of money from institutions putting money into crypto index funds will cause a cascading, causing the herd to rush in.”
Darren Marble of CrowdfundX agrees with Paul and adds:
“At this stage, institutional investors hold the key to Bitcoin’s growth. Concerns about liquidity, security, counterparty risk and custody of assets have so far prevented institutional investors from buying Bitcoin on decentralized exchanges.”
For this situation to change, a host of regulated exchanges must go online.
Darren Marble added:
“Only when regulated exchanges, such as tZERO, Coinlist, or even NASDAQ can go live with their secondary crypto trading platforms, will the smart money begin investing directly into Bitcoin. Once this happens, the floodgates will open and we will see a new paradigm emerge; the crypto market cap will exceed $1 billion, and lead by new all-time highs of Bitcoin.”
The third and the final thing that could go Bitcoin’s way is the proliferation of crypto-related exchange-traded funds [ETFs].
Chris Kline, co-founder, and COO of BitcoinIRA.com says:
“Crypto-related exchange-traded funds may allow for simpler trading through brokerage accounts, which would also contribute to hiked up prices for Bitcoin and other cryptocurrencies. In my opinion, it’s only a matter of time before prices rebound again as there is so much momentum surrounding Bitcoin and other digital currencies, .”
According to Forbes, it is a matter of faith, too.
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