Mainstream media has been far from free about bitcoin and cryptocurrencies in recent years. Vitriol and FUD make headlines, but it is largely based on ignorance of technology and its ethos. The industry giant Bloomberg can still be heated to bitcoin, but others will follow.
Bloomberg Bigs Up Bitcoin
Bitcoin seems to have finally started its correction from a rally that has given almost 270% to the price since the beginning of the year. The big names in the regular medium are dedicated to bigger slots for BTC and its brothers as the crypt winter has thawed. In a recent Bloomberg opinion, the end admitted finally that crypto is here to stay.
The obvious question is this: If Bitcoin was just a bubble at first, why has it jumped back this way? The answer is that, in one form or another, crypto course values are probably here to stay.
The report continues to consider that the latest US Chinese trade war may have had something to do with the bitcoins epic, but fleeting races over the last couple of months. Adding that China will not liberalize and continue with capital controls may be factors that drive people to use bitcoin, which is still technically banned in the People's Republic.
The second reason Bloomberg believes that bitcoin is here today has something to do with the hard tax laws of the United States. With proposed wealth taxes, the rich will look for value-for-money offshore stores unmatched by gluttonous governments, and BTC perfectly fits the bill.
Facebook's Libra project has also been cited as a boost for bitcoin. Of course, a billionaire and a group of US technology monopolies that govern a global currency is not a good scenario, but it will introduce the concept of crypto transfers to millions of people who have never otherwise dabbled.
escalating economic tensions
An increase in populism and intensifying geopolitical and economic tensions around the world can spur people to look for hedges against their very own manipulated fiat currencies. Once again bitcoin is the clear solution. Gold prices are a clear example of this, as they have reached a six-year high, as the greenback tumbles in value worldwide.
What the author did not add is increased interest from institutional investors. Big investment firms like Fidelity and Grayscale have barely started, and Bakkt is also on the way to providing a safe way to enter the scene. These funds will be uploaded on bitcoin and crypto to provide liquidity and competitive products to their institutional clients.
Rounding off the article confirms that the economic space is changing and crypto is going to be a huge part of it in the future.
If we have found it difficult to see the resiliency of the crypto game, it is because we are not used to thinking about futures that are radically different from the present. But the future – at least for banking institutions – now seems to be closer than ever before.
Will bitcoin ever do it as a global currency? Add your thoughts below.