Bitcoin is Heading Towards a Four Figure Price, Analysts Say

Bitcoin is Heading Towards a Four Figure Price, Analysts Say

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Over the past two weeks, the demand for Bitcoin has significantly increased due to global financial market instability, major economic changes and currency devaluation. Analysts state that once Bitcoin breaks the $790-800 region, it will quickly head towards a four figure price. The demonetization of 500 and 1,000 bank notes in India, the devaluation of the Chinese yuan, the crackdown on Chinese wealth management products (WMPs) and the election of Donald Trump, among many other factors, has led to the price of Bitcoin to escalate quite rapidly. On Oct. 22, Bitcoin was being traded at around $660 on average in most markets. By Nov. 20, the Bitcoin price almost reached $800, surpassing its previous peak of $775. Despite yesterday’s fall, which sent Bitcoin back to the $732 region, it has demonstrated nearly a $100 monthly increase since late October, outperforming all reserve currencies, most assets and altcoins. Breaking $800 Some analysts state that once Bitcoin breaks $800 with resistance, the digital currency will promptly head towards a four figure price. Specifically, if it is backed with significant economic and financial change that pressures high profile investors and traders to seek alternative safe haven assets, Bitcoin will most likely reach a …

Jerry Brito of Coin Center: Give Bitcoin 5 Years to Do What Google, Facebook Did

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Jerry Brito, the executive director of Coin Center, which has been advocating for the advancement and free use of Bitcoin and other cryptocurrencies, says Bitcoin still needs about five more years to be powerful. Coin Center is a Washington think tank that studies the Blockchain and digital currencies. Brito, who has been involved in advising the government to take a light regulatory approach as the technologies evolve, thinks that now is the best time to get involved in the cryptocurrency. Jerry Brito has been a vocal Bitcoin advocate since 2014 when he launched Coin Center as an independent nonprofit research center, focused on the public policy issues facing cryptocurrencies. He said in Chedder Live that: “If we compare Bitcoin to the early internet, we didn’t get the real Web until the mid 1990s with the introduction of Netscape and it took five more years before we got Google to make the Web useful and it wasn’t until five years after that that we got Facebook and Netflix and things that we take for granted today. So where are we today? Look, I think we are five to ten years from the true kind of power that everybody is expecting. But …

US to Weaken Regulations for Digital Currencies, Blockchain by 2017

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The US government has called for the formation of a “responsible innovation” fintech department to spur the growth of emerging technologies including cryptocurrencies, the Blockchain technology and other financial technologies that could enhance existing financial systems. US regulatory body the Office of the Controller of the Currency (OCC), which previously expressed their optimism towards digital currencies and the Blockchain technology, is planning to launch three offices in Washington, New York and San Francisco led by a chief innovation officer. The 30th Comptroller of the Currency of the United States, Thomas J. Curry, stated: “The OCC supports responsible innovation that enhances the safety and soundness of the federal banking system, treats customers fairly and promotes financial inclusion […] we are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation.” Effect on Blockchain startups While it is still difficult to speculate the impact of the OCC’s plans on Bitcoin and alternative cryptocurrencies, it will hugely affect the operations of Blockchain and distributed ledger startups that are collaborating with banks and major financial institutions. The OCC states that the formation of a responsible innovation department will allow the organization to “identify, understand and respond to financial …