Bitcoin, What’s Ahead for the Raging Cryptocurrency

Bitcoin, What’s Ahead for the Raging Cryptocurrency

Bitcoin, What’s Ahead for the Raging Cryptocurrency

$BTCUSD, $MSFT, $JPM, $GS, $TM, $CME, $CBOE

Bitcoin’s amazing rise YTD has attracted lots of attention, but most institutional investors are still on the sidelines, as regulators have yet to issue comprehensive rules, and corporations are still only testing blockchain technology.

Whether Bitcoin matures or crashes will depend on how these players’ relationship with the leading cryptocurrency evolves.

More than 100 cryptocurrency hedge funds have opened in the past 2 years.

Nevertheless, Bitcoin has big detractors, with JPMorgan Chase & Co.’s CEO Jamie Dimon dubbed it a fraud.

On the regulatory front

The latest action from the Securities and Exchange Commission (SEC) was just that some digital tokens will be considered securities, but the lack of concrete action against issuers eased concerns that the US would take a tougher stance.

The real clampdown came in China and SKorea, whose regulators banned initial coin offerings and other transaction in the cryptocurrency where most of the 19-M+ Bitcoins are owned, held and ill-liquid

Nevertheless, many companies across every industry are looking into Bitcoin’s underlying technology, blockchain.

From such tech giants as Microsoft Corp. (NASDAQ:MSFT) to car makers like Toyota Motor Corp.(NYSE”TM) and big banks like Goldman Sachs Group Inc.(NYSE:GS), are investing in it.

Bitcoin is currently trading at $7,388.19 Vs the USD.

For now, the trend is North, with Bitcoin’s Bull run ignoring everything from fear of regulation to splits in its blockchain.

With regulated exchanges(CME) and derivatives (CBOE)trading of the cryptocurrency becoming mainstream, investor interest from day traders to Wall Street banks is likely only to increase.

Warnings that Bitcoin is a bubble about to burst are expected to get louder.

Have a terrific weekend.

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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