Bitcoin soars again as investors look to the future
Given the political uncertainty over Donald Trump’s presidency, the looming spectre of Brexit and grave concern over Britain’s ability, or willingness, to negotiate any meaningful deal, investors are looking beyond traditional safe havens. With the upcoming general election result uncertain, the Bitcoin price has rocketed in the last few weeks, going beyond $2,600.
Bitcoin Gains Legal Status
Some of the rise can be attributed to the currency gaining legal status in Japan, and further moves towards recognition in other countries, including Russia and the U.S. The Japanese news allows for the legal use of crypto-currency exchanges. This will attract plenty of attention from Chinese investors who are locked out in their native country due to stricter regulations.
Yet, with many traditional investment markets seemingly on hold, perhaps for years until the current geopolitical uncertainties settle, investors see Bitcoin as a key investment with plenty of upside.
This potential is despite the crypto-currency hitting the headlines as part of the recent WannaCry ransomware scam. The global operation uses Bitcoin as the method of payment for victims. However, blockchain – the technology that underpins Bitcoin and other digital transactions – has gained increasing traction. This take up includes businesses from the finance, law and commerce sectors. Investors and businesses can now see a clear route to market for the technology. Bitcoin remains a leading candidate to provide the monetary value in any transaction.
Live Bitcoin Price (5 Minute Chart):
Trading The Bitcoin Price Via Digital Options
Any binary investment strategy should consider Bitcoin, or some of the other leading digital currencies, as part of its portfolio. With analysts predicting huge rises of up to $3,000 to $4,000 in the currency during 2018, even a modest investment could generate huge rewards. While Bitcoin will always remain volatile with sharp drops along the way, the potential remains massive.
Bitcoin Alternatives
If Bitcoin seems too rich an investment, then plenty of other crypto-currencies are growing in value. These include Litecoin, Ripple and Ethereum. They explore alternative value propositions; creating smart contracts, settlement systems and other ways of adding value.
While they may not soar to the high value of Bitcoin, they could become the next digital transaction technology of record for any number of businesses, creating the next Uber or Spotify of digital exchanges, and generating huge value in the process.