The bitcoin price currently stands at $277. Interestingly enough, last week revealed previous articles talking of bitcoin’s rise to $260. While many were skeptical, this rise hasn’t ceased. Another $17 and bitcoin is still standing strong. All we can do from here on out is hope that it lasts a good long time.
There’s no way to determine if or when bitcoin is going to stand tall or drop to the floor. We’ve seen it happen time and time again, and yet predictions are practically obsolete. There are so many factors contributing to a digital currency’s stance that it would be nearly impossible to take them all into account.
A rise “typically” occurs, however, when promotion reaches a new level. This last week alone we have witnessed American Express, one of the world’s largest credit card companies go so far as to invest in Abra, a popular digital currency startup, and according to CoinTelegraph, the Chinese government, despite several issues with bitcoin in the past, has gone so far as to “unofficially” authorize bitcoin and its respective usage.
This is undoubtedly huge. An entire country has fallen into a sudden wave of “bitcoin love,” and that is certainly a large factor when it comes to pushing the price and furthering bitcoin’s reputation as the currency of the future.
While it has taken some time, many are eventually able to recognize the sheer good that bitcoin is fully capable of doing. Between introducing a decentralized platform to potential bankers, to aiding unbanked populations throughout the globe, bitcoin simply has a good side that many refuse to see. As a society, it’s easy to focus on the negative and point out all the ways criminals have of using bitcoin, but that doesn’t dismiss the lighter side of what is truly becoming the favorite digital currency of the world.
Will bitcoin continue to move up the ladder? Post your thoughts and comments below.