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Title : Crypto News: A Victory For Bitcoin
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Crypto News: A Victory For Bitcoin

While Bitcoin remains highly speculative – I think it can continue to strengthen from here.  Bitcoin is so volatile that I want to reiterate my belief that it only belongs in your portfolio as part of your highly speculative allocation.  I also think it is worth reviewing my 3 Rules of Bitcoin.

Back on September 15th it appeared to me as though not only China, but a number of public figures were trying to crack down on Bitcoin (link).  It was successful at first, as Bitcoin continued its decline, dropping from over $5,000 to as low as $3,000.  Bitcoin has rebounded sharply since then.

The ‘evangelists’ of bitcoin argue that the fact it isn't controlled by governments is precisely why you should own it.  Bitcoin is meant to be function outside of the realm of central banks and governments.  Bitcoin seems to have navigated this recent crackdown with great success.

By passing the recent test with flying colors, Bitcoin should attract some new investors.  There are many investors who have watched the rally in cryptocurrencies from the sidelines because they have concerns about the ability of cryptocurrencies to deliver as advertised.  It seems likely that some of these investors will dip their toe in the water now - creating new demand for cryptocurrencies in the near term. This additional new demand should help keep prices rising. If there were easier ways for 'mainstream' investors to get involved in Bitcoin (like ETFs) the rally would be even stronger.

Full story at http://bit.ly/2wsTDtW

Source: Forbes

 

 

 

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