The Bitcoin Bullishness Continues
Bitcoin has had another week that could be described as a wild ride—sort of like a theme park attraction where you simultaneously cheer and clutch the safety bar. This week, the dollar price of Bitcoin surged around 2.5 percent, but fear not—it’s a decline from its recent high of just over $13,400. Just when you thought it was safe to go back in the water, Bitcoin dipped by 4 percent within 24 hours. But, if you listen closely, you might just hear the bulls grunting in optimism, setting sights on a distant $20,000, potentially by March.
Factors Impacting Future Prices
What drives this digital currency rollercoaster? Buckle up, it’s not just about wild speculation. Investors are keenly watching if banks will join the likes of Paypal in accepting cryptocurrency. And let’s not forget the stimulus checks, expected to counteract the new coronavirus outbreak. Also high on the list is the hash rate pattern. Brace yourself—the BTC options market is set to experience a $750 million expiration at the end of the month. Definitely a point of volatility!
Whales and Optimism
Speaking of movement, a whale recently decided to swim in a massive circle, transferring a billion dollars’ worth of Bitcoin at the bargain basement price of $3.58. Go figure. Meanwhile, analyst Anthony Pompliano believes Bitcoin may have broken free from its relationship with the stock market and is now firmly planted as a safe haven for investors. Mike Novogratz is in the same boat, likening Bitcoin to digital gold—an investment, not a currency, at least for the next five years. But is Bitcoin the only lucky player on the field? Spoiler alert: Not quite. Altcoins like Ethereum are lagging behind, looking rather weak while Bitcoin flexes its muscles.
Success Stories and Scandals
On the corporate front, not all heroes wear capes, but some certainly wear the Bitcoin badge. Business intelligence firm MicroStrategy has racked up over $100 million in profits from its Bitcoin forays—more than it has earned from its actual business analysis! Meanwhile, Visa is facing scrutiny for its acquisition of Plaid, which has garnered the attention of the US Department of Justice. It’s a tough crowd out there.
From Politics to Blockchain Advancements
In politics, tech CEOs found themselves under the proverbial microscope during a Senate Commerce Committee hearing, proving yet again that no one escapes a partisan grilling, whether they like it or not. And speaking of opacity, maybe open-source algorithms could remedy the messy content moderation on social media platforms? The hackers had their fun too, taking over Trump’s campaign website and claiming to have evidence against his alleged indiscretions. If only they had asked for spare change instead of a ransom!
Taking Blockchain Global
Across the seas, the blockchain movement is gaining momentum. Japanese firms are collaborating to create a trade data management system. In Siberia, a new Bitcoin mine is expected to create 100 jobs, because who says Bitcoin mining doesn’t boost local employment? Singapore’s DBS bank is taking it up a notch by launching an exchange to convert fiat into cryptocurrencies. Meanwhile, in China, charities are adopting blockchain technology to build trust with donors in the fight against the coronavirus outbreak.
The Future of Blockchain in the Art World
And let’s not skip over the art world, where blockchain-inspired artwork, crypto art, and new digital marketplaces are emerging. If that doesn’t give you hope about the future, I don’t know what will!
So, whether you’re invested in Bitcoin or just riding the wave, it’s been an eventful week—full of highs and lows, but isn’t that what keeps us coming back for more?
