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Is Bitcoin about to Boom? Is it the best time to buy BTC?

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In this article, we will discuss how it is the best time to buy BTC. Also, we will be looking at the factors which depict that bitcoin is about to boom.

Bitcoin faced a very tough year in the form of 2018. No one has ever expected in his/her dream that the value of bitcoin, which was above $19000 in December 2017 will go steep down to $3500 by December 2018. This decline led to many traders to question the future of bitcoin. However, there are some analysts which believe that the future of bitcoin is secured. According to them, bitcoin is about to boom.

In this article, we will discuss how it is the best time to buy BTC. Also, we will be looking at the factors which depict that bitcoin is about to boom:

 

1. Bitcoin ETF approval:

Bitcoin ETF i.e. Exchange-Traded Fund is supposed to get the approval from the securities regulator of the United States. As per one of the commissioners of Securities and Exchange Commission (SEC), even though most of the ETF applications were rejected last year, this year it will be likely to be approved. It got revealed after a leaked interview on Twitter on 5 February 2019.

For those who are not aware of ETF, it is basically a fund which is traded on a stock market. The main benefit of a bitcoin ETF would that after the approval, the investing process in the crypto space would become more facilitated and attractive for the investors. If the ETF bitcoin is approved, it would surely boom the bitcoin and crypto space.

 

2. Entry of institutional money in the crypto space:

There were rumors in the last months of 2018 that the mega institutional money could enter in the crypto space. However, due to some breakdown of the market, it doesn’t occur. Now in this year, the analysts are confident that finally, the institutional money will enter the crypto space. And the entry is very soon. The reason is the availability of updates and secure platform for the cryptocurrencies. Also, with the evolution of Lightning Network in BTC, it will increase the no of transaction per seconds and would remove the problem of scalability.

Hence, the investors of institutional money are in eager to enter in this space. And if this occurs, it would act as the catalyst, the crypto world was looking for, especially, Bitcoin.

 

3. The launch of Bakkt:

Bakkt was about to be launched in the month of January 2019 itself. However, it needed some final approvals from the finance committee of the United States. And unfortunately, before it could get those approvals, the Trump Government Shutdown Crisis started on 22 December 2018 and lasted for 35 days. Now, once the shutdown closed on 25 January, it is expected that Bakkt would get the required approvals from the United States Financial Commission soon. On 7th February, a party that claims to represent Bakkt sent emails to thousands of people claiming that the launch date is set on March 12. If that proves to be correct, it could raise the price of bitcoin once again.

Source: Cryptoonlinenews.com

Source: Cryptoonlinenews.com

Bakkt is an exchange platform which is going to be launched by ICE (ICE (Intercontinental Exchange). ICE is the same organization which is responsible for the smooth working of the famous NYSE (New York Stock Exchange). Also, the Microsoft cloud is working along with this project to sort out the storage problems.

 

4. Big companies entering crypto space: 

The capability of crypto space and the success of this market in 2017 is not hidden from anyone. Many large companies are still interested in investing and contributing to this market and entering day by day in this space. The interset and entrance of huge companies in crypto space would surely uphill the market, especially bitcoin. Some of the big companies that are entering in the crypto space are Microsoft (by providing Azure cloud to Bakkt), Twitter( the CEO of the company itself admitted that he have some bitcoins and called cryptocurrency as the market of future), Facebook (it recently acquired a London based  crypt company known as ChainSpace).

Apart from the above tech-giants, Google also announced to launch a tool to search the top cryptocurrencies in the crypto space. Other companies that are entering in this market are Telegram, Baidu etc. The entrance of these big companies into the crypto market shows the positive sign of rising of bitcoin.

 

5. Biggest bear market till now:

The crypto space faced the huge declination in its history in recent days. As stated earlier, no one has ever expected in his/her dream that the value of bitcoin, which was above $19000 in December 2017 will go steep down to $3500 by December 2018. So, this implies that it has hit the biggest bear market until now. And if it is so, that it is the best time to buy the bitcoins. The hitting of the bear market is common in any financial market. It just needs some time when the bull market will return and again the crypto world will rock as it used to be 1 year ago.

The bear market is the phase when the value of the stock fell miserably and undoubtedly, in the history of crypto space, it is the biggest bear market dropping around 82% in one year! The bear market can end within a month or within a year or it may take some years too but once it would end, the bitcoin will rule the finance market.

 

The above factors indicate that bitcoin is about to boom and it is the best time to buy bitcoin at $3560 only. Who knows that by investing around $10500 today, you would get $60000 within a year!

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Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

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These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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