Bitcoin continues to outperform every reserve and fiat currency across the world. In sign of an increased confidence in the future of the cryptocurrency, Barry Silbert’s Bitcoin Investment Trust (BIT) has doubled its initial public offering (IPO) amount to $1 bln.
An amendment filed with the US Securities and Exchange Commission (SEC) on Thursday includes the new figure as the agency reconsiders its March decision to deny the Bitcoin ETF market access.
By outperforming the US dollar by almost 50 percent, Bitcoin surpassed the growth of the Mexican Peso, Silver, Gold and Russian Ruble to become the best performing currency so far in 2017.
The Bitcoin market, however, experienced some major changes in its ecosystem earlier this year.
To begin with, the Philippines and Japan legalized Bitcoin and its businesses in their respective regions. The Indian government announced the likelihood of a regulatory framework for Bitcoin being implemented by as early as May. Some of Japan’s largest retail giants including Bic Camera, which hold a massive influence over the Japanese technology and consumer markets, began to accept Bitcoin payments at their locations.
The major driving force of Bitcoin price in 2017 is suspected to be the resolution of the Bitcoin network’s current scalability problems. The Bitcoin network’s one MB cap on block size is causing Blockchain congestion, a drastic increase in fees at times and long confirmation times.
If Bitcoin scalability issues are addressed within this year, with innovative solutions such as Bitcoin Core’s Segregated Witness (SegWit), Andrew Lee’s Extension Blocks or other potential emerging solutions, Bitcoin price will most likely demonstrate an exponential mid and long-term increase.
On April 26, Cointelegraph reported that Bitcoin officially surpassed $1,300, breaking its previous all-time high price established at the $1,277 margin. However, Cointelegraph reported that most analysts see a high level of instability in the current Bitcoin price trend due to the banking issues of leading Bitcoin exchanges such as Bitfinex and OKCoin.
If the conflict between banks and Bitcoin exchanges are addressed, Bitcoin scalability issue is solved and mainstream adoption in Japan, India and Philippines continue, Bitcoin price will likely demonstrate an exponential mid and long-term growth.
More About Bitcoin
Bitcoin is not a filesharing software. In this case, you don’t have to be worried for other people to see your files or information. Also, the value of bitcoin is depends on the scale of supply and demand. So, it also requires patience and awareness. You have to make sure of the currency exchange rates as well. You have to make sure that before processing a transaction with your bitcoins, the rate is fair enough or high for you to earn more. As well, one of the tricks on bitcoin investment is that it uses the concept of “mining”. There are some ways that you can find to earn or generate bitcoins. So you better do some researching in order to generate more income.
In every investment there is a risk that you have to take. And it is not different on buying and mining for bitcoins. However, if you will be clever enough and if you will play your cards right, you will definitely earn a lot of money. One of the risks on bitcoin investment is that you may be charged for a transaction fee. Some may charge you for 7% or more, that is why many people are still hesitant to try bitcoin for investment.
With the growing influence of internet, digital storage and financing has been one of the greatest benefits that it has given. So why not use it in your advantage. Onother good thing on bitcoin is that you can be assured that you’re investment is always in safety and secured. As well, one of its advantages is that digital storage is getting cheaper and cheaper. Besides to the fact that processing is fast and will not take too much of your time. All you have to do is sit in front of your computer and monitor it from time to time. It will save your time and energy and you can still do other things and earn more.