Bitcoin Price’s Steady March Upwards for 2019 Could See Bakkt and US Congress as Top Catalysts
Cryptocurrency investors have been enjoying a positive if spontaneous upswing in the market's performance, and has earned the focus of some big names in the industry, with some going so far as to speculate that we are seeing the beginning of a new bullish upswing.
This rally was helped somewhat by Bitcoin's success if pushing past its initially static value of under $4,000. Finally succeeding in resting just above it.
Investors, both experienced and otherwise now see this as a newly regained momentum from Bitcoin, leading to it going on to batter down other previously lost upper values, with a spike upwards in the very near future. For those that are more experienced in observing bullish upswings believe that this current trend is just the start of a far-reaching upward trend.
So what is the reasoning behind this new momentum? It is believed by some to be down to the involvement of the United States government that we are now seeing an upswing in the value of Bitcoin. In addition to this correlation, a greater level of newly earned trust from institutional investors is whipping up a new, higher quantity and quality of interest in the space, with a good number believing that this will be the beginning of a virtuous circle upwards.
As trust earns new investment, new investment sparks new projects, and successful projects whip up a greater appetite for investment, culminating in the approval of a long sought-after Bitcoin ETF.
In addition to this speculation, one of the more famously known investors and Youtubers, Bitcoin Fund Manager, has been adding a number of points to consider in his latest published video. In this video, he argues that the reason for Bitcoin's expected ‘explosive' bullish rally can be boiled down to two things:
- Congress within the United States has been working towards the proposition of a bill which would effectively mean that a token holder or user will not be placed under taxes for conducting trade in cryptocurrency.
This governmental organ is instead, pushing a bill that will seek to convert Bitcoin into a stock or commodity as opposed to being regarded as money. As a result of this, it will allow for holders to complete any number of transactions which can also involve trade without the burden of hefty payouts of tax to follow in tow.
- One of the other reasons that the Youtuber specified was that the recent value explosions subsequently drew in reputable bodies such as the New York Stock Exchange, the single largest stock exchange in the world.Sources which operate in close proximity with the stock exchange have since stated that the New York Stock Exchange is cautiously optimistic when it comes to cryptocurrencies, but is steadily proceeding with a new project which involves the digital currencies.
It is no small feat to draw in the single largest stock market in the world, and it's brought up a whole range of rumours in the cryptocurrency world about if Bakkt is pushing for a Bitcoin backed settlement system, and how far along it is.