Investor CAFÉ

Is Bitcoin Entering a New Megatrend?

Bitcoin, the most successful computer-generated cryptocurrency, hit an all-time high today, and is now trading around $2,500 due to Japan announcing it would accept Bitcoin as an official payment for retail purchases in that country.

Unfortunately, the United States is more backward — or perhaps more controlling. The Securities and Exchange Commission (SEC) recently denied approval of an exchange-traded fund (ETF) in Bitcoin.

GBTC_Chart

Bitcoin’s price over the last two years.

To find the price of Bitcoin, go to http://www.coindesk.com/price/.

Still, the evidence is growing that Bitcoin is entering a new megatrend of official approval as an alternative to the dollar and other currencies. There are several cryptocurrencies competing for your money, including Bitcoin, Ethereum, Factom and Maidsafe. Bitcoin is in the lead, but many analysts expect Ethereum to surpass Bitcoin. Will there be a winner-take-all cryptocurrency?

To read the rest of the article on Bitcoin’s possible new megatrend, please click here.


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