There are so many coins in the crypto space which you could look to invest in but it is no secret that Bitcoin is the most stable and the most famous. Indeed it has been crypto which has seriously driven this market over the years. Experts like Robert Testagrossa have mentioned that if crypto is to succeed in overtaking money, it is most likely that it will be Bitcoin which drives it.
This is far from financial advice, but there has been some steps in this market over the last 12 months which have instilled more convince in Bitcoin than ever before, let’s take a look.
Wider Acceptance in Finance
Back in 2017 when BTC was flying, it failed to secure the support of some of the world’s more traditional banking companies and organizations. The criticism labelled at the crypto by them was that it was a fleeting trend. Conversely many felt that these institutions simply felt threatened and thus showed no support. In the last 12 months however we have seen Visa, PayPal, JP Morgan, BNY Mellon and many more financial juggernauts offer support for Bitcoin. This has been the most momentous news for the crypto currency since its inception.
Solid Resistance Levels
During the 2017/18 rise and fall of the BTC price, we would continuously see it break through an all time high, and then fail to resist the consequential fall in price. This is what contributed towards the crypto coin being so volatile and it in turn put a lot of people off investing. This time around however, each time that BTC has gone through a correction drop, it has been resolute in its levels of resistance. This is mainly because we have a bigger market cap than ever before and so less fluctuation in price, but it is also because of the fact that more people have confidence in Bitcoin than ever before.
Spending Currency
A criticism which has long been leveled at Bitcoin is that it could not be considered a currency based on the fact that it couldn’t be spent anywhere. Whilst this was a valid concern at the time, this is not the case anymore. In fact in the last 12 months we have seen a huge increase in the numbers of countries and companies which are now accepting Bitcoin as a potential payment method. In fact if you look at Miami, they are just about to start trialling paying employees and collecting taxes in Bitcoin, which is a landmark for the coin, and a sign of the times.
These three changes for Bitcoin do not mean that it is absolutely certified or that it is guaranteed to continue its success into the future. What it does mean however is that there is more confidence around crypto than ever before, and we see no reason at all why these changes will not continue to bring about confidence in this particular coin.