The Rise of Cryptocurrencies Shows No Signs of Abating
Cryptocurrencies have been a subject of hot debate in the investing world for years now, as many investors have been looking on with eager anticipation to see if currencies like Bitcoin will stand the test of time or crash and burn. Since its release in 2009, however, Bitcoin has continued to defy the odds and bounced back time and again despite the various setbacks it has faced.
Even now, despite a recent decision by the SEC to reject an application to list what would have seen the first ever Bitcoin ETF, the currency is still holding firm around the $1000 dollar mark and this really does beg the question, if Bitcoin can survive and perhaps even thrive going forward despite decisions like these, then does the currency hold more weight than some of its doubters have given it credit for?
One big and well-known advocate of Bitcoin is the eToro social trader jaynemesis. Jay has made quite a name for himself on the trading site, which allows users to copy the trades of other successful traders on the platform in the hope of achieving the same levels of success. While Jay admits that his bullish stance on Bitcoin might have led to some temporary losses for those investors who have copied his trades, he still feels that Bitcoin – as well as other cryptocurrencies like it such as Ethereum – could still have some way to go on the upside and, as a result, he is still feeling bullish. Here is a recent statement he made on the issue:
“Despite denial I remain bullish on Bitcoin. The COIN ETF was the first of many, and although the commission voted against it on this occasion there are several more ETF’s ready to learn from this. It’s clear that over the last few weeks we’ve seen the price rally expecting a thumbs up, so this sharp drop will hurt a lot of investors my eToro copiers included, but in the long term the bull trend is likely to continue, the appeal of Bitcoin to countries facing high inflation, currency controls and corruption is only growing, as is the infrastructure surrounding the currency. Anything under $1000 per coin can be considered a discount and I’ll be using this opportunity to take up some long positions.”
So, with Bitcoin more than doubling in value within the past 12 months even despite the recent SEC decision, one has to wonder whether the currency is destined to defy even its most staunch of critics. The recent trials the currency has faced certainly show that it has a certain degree of bouncebackability, and with two more Bitcoin ETF applications still in the pipeline for a verdict from the SEC, if the regulatory concerns surrounding the cryptocurrency can be resolved, then it may not be all that long before we do finally see the world’s first Bitcoin ETF enter the market.