Bitcoin Rebuffs Threats from Bankers, Governments, and the Powerful
Threats and activities from bankers and governments to conquer Bitcoin along with other cryptocurrencies intensify. But, displaying one of its finest features, resiliency, Bitcoin’s trajectory is once more retaking its climbing pattern, above $8,000 USD. Some experts think that new technological improvements will induce Bitcoin’s value even higher.
Bitcoin rises once again above the $8,000 USD mark, snubbing formidable threats and actions from governments, bankers, and world monetary authorities.
Bitcoin is finally going back up again https://t.co/JLfmcEk0v7
— Indy Tech (@IndyTech) February 8, 2018
The most obvious banks have already taken concrete steps to harm Bitcoin. JPMorgan, Bank of America, and Citigroup are banning Bitcoin purchases made with their credit cards, alluding to high risk as a result of intense price volatility.
Concurrently, world governments are joining forces to ruin or rein in cryptocurrencies. By way of instance, the German and French authorities are asking a chance to debate the way to regulate Bitcoin in the forthcoming G-20 summit.
Most recently, on February 7, 2018, Jim Yong Kim, President of the World Bank, contested the validity of cryptocurrencies, stating they are similar to Ponzi schemes.
In parallel, based on Bloomberg, Agustin Carsten, Chief of Bank of International Settlements announced:
There’s a ‘strong case’ for authorities to rein in digital currencies because their links to the established financial system could cause disruptions.
Despite the hardship, uncertainty, and pessimism which Bitcoin confronts, Bitcoin’s supremacy one of crypto in addition to fiat monies reinforces, and its durability continues to impress observers, academics, along with Wall Street’s top executives.
BREAKING: DOW SLIDES 1,000+ POINTS https://t.co/KUU6ikDnuX pic.twitter.com/s9rhWkDVEE
— CNBC (@CNBC) February 8, 2018
The financial markets have been representing this opinion since Bitcoin’s value currently surpasses the 8,000 USD mark, after falling under $ 6,000 USD, on February 6, 2018. This is occurring, while of this writing, the Dow Jone Industrial typical drops over 1,000 points, on February 8, 2018.
New Technological Developments Push Optimism on Bitcoin
Fiscal experts are sabotaging their bullish opinion on Bitcoin. The Winklevoss brothers, the very first Bitcoin millionaires, consider Bitcoin will likely reach $40,000 USD “someday.”
And, citing specialists, CNBC writes that the cryptocurrency market will reach $50,000 USD.
But, new technologies and schemes have been developed to improve Bitcoin’s performance for a payment tool. Technologies like Lightning Network SegWit, Atomic Multi-Path Upgrades over Lightning, and Schnorr Signatures guarantee to create potential near-instantaneous low-value Bitcoin payments.
In this regard, CNBC also estimates Thomas Glucksmann, mind of APAC company growth at cryptocurrency exchange Gatecoin, who stated:
Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year.