The Price of BTC in USD Is Up 50% Since Congressman Sherman Requested a Ban on Bitcoin
- Brad Sherman’s proposal to ban Bitcoin has not prospered
- Bitcoin has grown around 50% since then
Bitcoin (BTC) has been traded in a very positive trend during the last few months, the digital currency surged 140% since the beginning of the year and enthusiasts are very excited about the future of the space. Earlier in May, the US Congressman, Brad Sherman, introduced a bill to ban Bitcoin. However, Bitcoin continued growing and no ban has been applied.
Bitcoin Grew 50% Since Sherman Called For Banning It
Bitcoin has expanded 66% since the beginning of May, almost 50% since Mr. Sherman asked to ban the digital currency. The crypto market seems very enthusiastic about future price increases in digital assets that were in a bear market in 2018. Sherman said that Bitcoin is going to be eroding the US power around the world by weakening the US dollar.
Commentators, analysts, and experts are currently very bullish about the near term future of Bitcoin. It seems that there are many reasons to think that the digital asset will continue its growth path in the coming months. One of these reasons is related to the fact that Bitcoin will be halving in May 2020. That means that Bitcoin’s rewards for miners are going to drop from 12.5 BTC to 6.25 BTC. This is expected to have a very positive effect on Bitcoin’s price if there is a growing demand for the popular digital asset.
Moreover, the Grayscale Bitcoin Trust (GBTC) is currently trading Bitcoin for a price of $11,400, 34% higher than Bitstamp and other crypto exchanges in the market such as Coinbase Pro or Binance.
Apparently, there is a growing institutional interest in virtual currencies and digital assets. According to a recent report released by Diar, they informed that the number of Bitcoins held by wallets between 1,000 BTC and 10,000 BTC has increased substantially since Bitcoin’s bottom close to $3,200 in December 2018.
At the same time, Google Trends shows that interest in Bitcoin is also growing around the world. Searches for the digital asset in Google have expanded in the last few weeks.
Currently, each Bitcoin is being traded around $8745 and it has a market capitalization of $155 billion according to CoinMarketCap.