Coin Price

$ 3,470.27
$ 24.59
$ 92.11
$ 56.90
$ 69.63
$ 44.25
$ 0.3080
$ 1.94
Quotes dellayed up to 2 minutes.
Posted on

Despite Sharp Recent Sell-off, Bitcoin’s (BTC) Future Still Looks Incredibly Bullish

1 Total shares
BTC Future Looks Bullish

It is difficult to feel optimistic about Bitcoin (BTC), or any of the cryptocurrencies, when they are in free fall. Yet there is a lot positive going on behind the scenes that the mainstream media misses.

A study Bendiksen and Gibbons conducted revealed that the all-important BTC mining industry is actually reasonably profitable, healthy, and still growing at breathtaking speeds. They pointed out that the hash rate has tripled as compared to a year ago. Meanwhile, the hardware efficacy is vastly growing at the same time as the expenses to mine are falling dramatically.

Coinbase Addition of Crypto Securities Changes Everything

Investors have been hungry for more effective, easier ways to invest in the world of digital assets for years. Bitcoin has fared especially well in this regard. Today, people have choices beyond actually acquiring the cryptocurrencies directly.

For starters, a few well-known equities exchange-trading corporations have begun seriously merging blockchain tech directly into their core businesses. IBM and Hitachi are two major examples that come directly to mind.

There are still more firms who are literally mining the cryptocurrencies. China’s Bitmain is one and HIVE Blockchain is another. Bitmain is looking to get a billion dollars in financing and then plans to go public in an IPO. Investors can also dabble in Bitcoin futures thanks to the CBOE and CME instruments.

Perhaps the most dramatic development in the world of investable digital assets though comes out of Coinbase. The SEC just gave approval to Coinbase to proceed with its three new acquisition plans. This changes them into a leading venue for trading cryptocurrencies that are called securities and are federally regulated. It begs the question: when will the holy grail of digital assets— the long-denied BTC Exchange Traded Fund (ETF) finally happen?

This lone event will change the world of cryptocurrency adoption overnight. It will provide the stability and legitimacy to the digital assets that they have long elusively craved. This is what will bring institutional investors to the party in droves, even if they do come fashionably late.


Want the latest crypto news? Join our Telegram Channel
Daily updates