Monthly Archives: November 2017

Bitcoin Breaking All-Time Highs

BTC hitting series of all-time highs against paper currency

The price of Bitcoin in U. S. dollars and other paper currencies has seen dramatic upward moves throughout the entire second half of 2017 — if not the entire year, as Bitcoin prices have been only in the Green except for brief periods in late March and June.

The same goes for most other Crypto currencies beyond Bitcoin, including Litecoin (LTC), Dash (DASH), Ethereum (ETH), Monero (XMR), or Potcoin (POT) as well as Bitcoin Cash (BCH) which started only on August 01.

There has been a series of Bitcoin all-time highs set only during the last few days and weeks — just to be broken by even higher ones, often within a day or so.

As a result, the overall Crypto coin market capitalization has been rising dramatically — as reported earlier, http://bitcoinfinancial.info/overall-crypto-coin-market-expanding/. At the time of writing, the top-10 Crypto coins now account for a total of over $256bn.

While this is an explosive increase and more than triple the total marketcap of just six months ago, the Crypto coin asset class is still only a tiny fraction of other asset classes like bonds, stocks, commodities, or even the gold market which is rather small itself.

Presently, only a few million people worldwide own Crypto coins. This means that Crypto coin prices are set to go dramatically higher when only 1% of the global population started owning or using Bitcoin and other Crypto coins.

That situation is likely to occur sooner rather than later even though Bitcoin itself has seen rather slow adoption over the few years of its existence. Changes in U. S. income tax regulations are set to pave the way for easier adoption by granting more favourable tax treatment to Crypto coin use, providing a $600 tax-free threshold and giving Bitcoin and Alt coins the same treatment as foreign currencies like Swiss francs, Japanese yen, or Norwegian kroner. As a result, there are already rumors of large sellers considering Bitcoin acceptance, with eBay, Amazon, and a few others among them. Overstock has paved the way with their pioneering decision to start accepting Bitcoin payments back in 2014, thereby being the first large vendor to do so.