Is Bitcoin approaching a turning point?
Since its inception less than a decade ago, Bitcoin has rapidly evolved into a trusted and widely accepted currency form. To be sure, the Bitcoin-USD conversion rate was roughly one to one around 2009—one Bitcoin to one cent, that is. Now, nine years later, the current price of Bitcoin is somewhere in the ballpark of $6,500, and the cryptocurrency has soared as high as $20,000 during the past year.
Bitcoin’s ascent has prompted many former skeptics to invest, and financial analysts and Bitcoin experts believe that the cryptocurrency is just now reaching a turning point and starting to realize its full potential.
This newfound confidence among consumers and analysts is hardly misplaced, and it can very easily be explained by some exciting and groundbreaking developments in the world of Bitcoin.
Bitcoin’s relative volatility has long been a complaint of detractors and critics. Now, though, it can safely be stated that Bitcoin’s days of volatility and unpredictability are in the past. For more than a year, the cryptocurrency has held a value of at least $1,000; this valuation hasn’t dropped below $4,000 in 2018, and it only came close to doing so back in January.
In short, Bitcoin’s yearlong consistency has, for many experts, indicated that a mainstream turning point is on the horizon.
More people than ever before are using Bitcoin, but without business participation in the cryptocurrency, the road to becoming mainstream would take much longer to traverse. To the benefit of the currency and its users, a considerable and ever-growing number of businesses accept Bitcoin, and its mainstream confidence and image have benefitted as a result.
Etsy, an online retailer, Dish Network, a satellite TV provider, Overstock.com, a shopping website, Microsoft, and many other companies now accept Bitcoin as payment for products, services, and bills—with no hassle to speak of. The extensive Bitcoin support on the part of businesses has played a major role in the aforementioned uptick in analyst confidence.
As a side note, additional credit must be given to Dish Network, as the company started accepting Bitcoin payments before doing so was “in”—way back in 2014!
Investors Take Notice
The Intercontinental Exchange is the group of talented individuals that assures the smooth operation of the New York Stock Exchange, or the world-renowned financial platform through which American companies can be invested in.
The same Intercontinental Exchange has started a Bitcoin bank called Bakkt. Bakkt allows users around the world to buy, sell, and store their cryptocurrency in a reliable and low-risk digital environment—something that is especially significant for investors, who have been concerned with Bitcoin’s security for some time.
Needless to say, the response amongst Bitcoin owners and enthusiasts to Bakkt was just as overwhelming as that of traditional investment professionals. With the power, resources, and organization of the Intercontinental Exchange behind Bitcoin, there’s no telling how many additional individuals will get in on the currency, both in terms of casual investors and finance-educated persons.
Bakkt is a big, big deal for Bitcoin and the financial industry as a whole.
In conclusion, it does appear that Bitcoin is reaching a turning point—and in the best possible way. Its price is now stable, its acceptance is now near-universal, and its worth and use are now without question.