August 11, 2018

Crypto Investors Dream of Trillion-Dollar Market Cap Amidst Bitcoin ETF

Amid the seemingly inevitable SEC decision on the bitcoin ETF, some are wondering if a trillion-dollar market capitalization is within reach.

Amidst a year of ups and downs, investors and enthusiasts alike are eagerly awaiting the decision on the SEC’s bitcoin 00 ETF. Some are hopeful that the ETF will boost markets while allowing bitcoin to reach the coveted trillion-dollar market capitalization.

Medium’s Karim Heiden remains adamant that it will take several steps to achieve this goal:

There is a blueprint for a trillion-dollar market cap, but its basis doesn’t lie in historic events. It lies in future implications.

Toro!

For many investors, the ETF approval is a major hurdle to cross on the way to a trillion-dollar cap. Last week, Bitcoinist reported that SEC commissioner Hester Pierce stated that there is “[…] no reason for us to not allow this product to go ahead.”

Heiden, a business developer at TradingRoomApp questions what it takes to extend a 100 billion-dollar market capitalization to a trillion-dollar one. Heiden also makes note of some possible outcomes100 billion-dollar market cap for BTC to one trillion dollars?”

[…] but the fact of the matter is: an ETF approval on its own is like a red cloth for a bull — excuse the pun. Why? Because an ETF approval automatically means that the price will skyrocket. It sounds overtly simplistic.

A Matter of Time

Despite numerous postponements and delays, the ETF is almost sure to be approved. According to Heiden,

It will be the spark that lights the next bull market that will last twelve to eighteen months and drive the price of one BTC up to at least $58.000 and the market cap to at least one trillion dollars.

Despite a bearish short-term market projection, Heiden remains hopeful. He notes that bear markets are often a good signpost pointing towards opportunity for new ventures:

In fact, a shake out now is almost indicative of it since we believe ‘new money’ wants to enter at a low price. The question is: at what low?

For now, investors can only continue to dream of a trillion-dollar market cap. One thing is for sure — the ETF approval needs be granted before any real possibility of a trillion-dollar mark is entertained. Either way, the future is looking promising for investors.

What are your thoughts about a possible trillion-dollar bitcoin market cap? Let us know in the comments below!

Images courtesy of Shutterstock.

Published at Sun, 12 Aug 2018 01:00:48 +0000

bitcoin Regulation

You might be interested in …

February 22, 2019

In the Daily: Quadrigacx Transfer, Tokenized Bonds, Beam Investment, Rakuten Pay

In the Daily: Quadrigacx Transfer, Tokenized Bonds, Beam Investment, Rakuten Pay In this edition of The Daily, Canadian exchange Quadrigacx has transferred its remaining crypto funds to the court appointed monitor Ernst & Young. In […]

April 7, 2017

Bitkan Experiment Shows Japan is No Bitcoin Mecca on the Ground

Bitkan has said the consumer bitcoin scene in Japan is still “difficult to use” after staff conducted an investigation in Tokyo.

Bitkan: Japan bitcoin Payments Still ‘Difficult’

The decentralized trading platform, which is headquartered in China but looking to expand into the Japanese market, also released a documentary film about using bitcoin in the country in 2017.

Last month, Bitkan organized a Tokyo Bitcoin meetup which saw some of the largest ever audiences debate the local scene as well as current technological issues facing the bitcoin ecosystem. Roger Ver and Jihan Wu were among the attendees.

“We used Coinmap to search advertisements of businesses accepting bitcoin,” operations director Sandy Liang told Bitcoinist in emailed comments about the research.

“These places had a ‘bitcoin accepted’ sticker, and where it was possible to use it to pay, staff appeared familiar with the payment process.”

bitcoin’s Mixed Fortunes Evident In Payment Landscape

Japan hit the headlines in February following the temporary moratorium on Chinese bitcoin trading, becoming the world’s largest bitcoin exchange market.

As reports heralded a total of 4500 outlets accepting the virtual currency, reactions from users on the ground struck a decidedly different note, stating that in reality bitcoin payments were almost unnoticeable.

Liang shared this view following Bitkan marketing director Ruby Chen’s attempt to live off Bitcoin for 72 hours in Tokyo but remained positive about the future.

“We have to say that it’s not very convenient to use bitcoin in Tokyo for covering all expenses, compared with fiat. For now, it’s really hard to live only on bitcoin,” she said.

“However, it’s getting easier and easier. The growing number of bitcoin ATMs, for instance, allows the option of converting BTC to yen as an alternative.”

She added that the depth of incentives for consumers to pay using the virtual currency was also lacking. Discounts and other marketing schemes were not in evidence at all, making the idea of transitioning to a notionally more convenient, empowering payment method appear daunting.

Big Business Paving Way For Change

Meanwhile, the country’s cryptocurrency exchanges are busy laying the foundations for what could be a seismic shift in attitudes in the coming years.

BitFlyer and Coincheck, both major market players in Japan, have recently announced partnerships with big business specifically with the aim of expanding the number of merchants with whom consumers may pay using bitcoin.

The former is working with Japanese economics giant Bic Camera to roll out bitcoin payments across its empire, with a trial initially limited to two flagship stores in Tokyo. Customers are able to pay up to 10,000 yen ($900) in bitcoin.

Coincheck meanwhile is seeking to expand the merchant base even further – by up to 260,000 – through allowing merchants using PoS app AirRegi to also accept bitcoin.

Such an expansion would place bitcoin on par with extant fiat payment app acceptance numbers, the most popular being Suica and Edy with up to 470,000 locations.

[Note: This is a sponsored article]

What do you think about Japan’s bitcoin journey? Let us know in the comments below!

Images courtesy of Shutterstock. BitKan

The post Bitkan Experiment Shows Japan is No Bitcoin Mecca on the Ground appeared first on Bitcoinist.com.

March 29, 2019

Bitcoin – Global View. Dump Incoming?

bitcoin – Global View. Dump Incoming? I want to begin with the following statement: I have never relied on fractals and preferred to argue based on Oscillators and popular TA Patterns. Moreover, I always try […]