At the weekend the largest bitcoin once again broke the mark at the level of 9000 dollars, and all indicators point to further growth. But the current growth is different from what we have seen previously? Let’s try to go back to November 2017, when Bitcoin first reached such a high level. What has changed and what explains the current growth?
It was not the interest of big business
If prices jump past landscape looked quite different. Although some companies started to accept payments in BTC, many quickly changed their attitudeonce encountered difficulties. Due to the strong volatility to accept bitcoins as payment, it was extremely risky.
If you look at the current situation, today more big companies are interested in Bitcoin. And the list is constantly increasing. Even Microsoft is adding fuel to the fire — not so long ago in an office Excel officially appeared cash symbol Bitcoin. The same symbol appeared in the layout of the Apple software.
Giant social network Facebook, in full ignore the past hype this time decided to clean up the industry to the hands and produce their own “cryptocurrency”. This is not to mention the largest retail chains like Whole Foods, which are commonly implemented payment cryptocurrency.
See also: Facebook has published withpaper Libra. What is known about cryptocurrency?
There were no such volumes of institutional investment
In General, Bitcoin is now better understood and is perceived by many institutional investors and institutions. Then only a couple of companies, including CBOE, CME and a few others tried to gently step into the blockchain space. Traditional exchanges have tried to launch futures on Bitcoin, it is likely that provoked the subsequent collapse in prices.
This time, a large investment company, Fidelity and ICE with his platform Bakkt — launch futures contracts with delivery of the payment in BTC. On the same way went and TD Ameritrade.
In the past, banks were determined against cryptocurrencies, and urged all its customers not to invest in them. By the way, the CEO of JPMorgan Jamie Dimon called Bitcoin “a stupid waste of money”. Now, in 2019, the Bank has announced the imminent release of their own mediocre “cryptocurrency” JPM Coin.
Infrastructure was in embryo
From 2017, the Bitcoin blockchain has undergone significant improvements. The transaction rate, the use of Hasrat network and block size, all the indicators increased significantly. At the same time, transaction fees have decreased by almost 70 percent.
Of course, began to decline and the number of payments, but is more likely due to the fact that people are increasingly aware of the value of Bitcoin. Now less people spend bitcoins and use them as a means of savings.
In 2017 most people have never heard of Bitcoin
At the time, the political elite were not up to Bitcoin. Of course, SEC is not yet States clearly that the first cryptocurrency is not securities, and the regulators look to Scripturally with caution. However, now it’s much better understand how it can be useful to cryptocurrency what is the value of Bitcoin. Today, many at least vaguely heard about this phenomenon. This is partly due to widespread media coverage and mentions of Bitcoin leaders of some countries.
In fact with the previous hype of cryptocracy has changed a lot. Although it would be correct to say that changed almost everything. Many indicators and developments point to the fact that this is just the beginning of an uncharted new era in the financial system.
Maybe we missed some important changes in the industry that you can tell? Share useful information in our cryptodata of hontarov.
Subscribe to our channel in the Telegram. Here soon!