Among the hullabaloo and escalating fear about a potential hard fork, the price of bitcoin swelled to $1212 on April 10, according to Bitcoin.com’s price index. People still have faith in digital gold.
Nonetheless, this seems like an unprecedented rise in price. The community is still immersed in the tumultuous challenge of finding a solution to the block size dilemma. Some would think the resultant FUD would have caused investors to dump their holdings, inspiring a downward trend in price.
The reverse is true, though: there has been healthy bitcoin trading on the market at the onset of April. A Crypto-Time article pointed out that the growth of Bitcoin this month coincided with marked “profits” in the Bitcoin space, which garnered attention of more speculators and investors.
This would make sense from a nontechnical perspective. Some investors may not understand all intricacies of Bitcoin. They might take risks without having full mechanical acumen of the cryptocurrency.
Everyone still trading, still hoarding; Bitcoin ATM’s
With that said, market actors with knowledge of Bitcoin are still trading, keeping, or hoarding the currency. If they would have thrown in the towel, the price would have started a downward spiral. This means that people still have faith the block size problem can be resolved without incident.
In addition, the price hike also comes on the heels of the downward trend spurred by SEC refusal to list a bitcoin exchange-traded fund, meaning that market actors aren’t concerned about political action either.
There is also other good news in the Bitcoin space. Even though the scaling debacle has caused some people to shake in their boots, there is more evidence that faith remains in Bitcoin.
On March 2, Razor-Forex.com penned an article that suggested Bitcoin ATM installations are still on the rise, and that coinatmradar.com reported that 53 new ATM machines were installed in a variety of different countries in March. However, Razor-Forex added:
Last month’s figure did not exceed February’s record of 86 new BTMs, or the previous records in November and August of 2016, but it shows a healthy expansion of Bitcoin’s infrastructure across the globe.
Faith in Bitcoin is Alive and Well
Between a plethora of Bitcoin ATM’s being installed and the increasing price of Bitcoin, the digital currency is poised to continue its growth. Even though the community is in the midst of a veritable technical street fight—attempting to gouge each other’s eyes out—the market shows signs of a ferocious bull market.
This means faith in the community is alive and well. It means people have enough respect for the Bitcoin geeks, gumshoes, hackers, experts, developers, and Jedi’s to come together and peaceably iron out political differences.
For more information on Bitcoin’s total 2017 growth, please see Jamie Redman’s Visual breakdown of Bitcoin’s performance for 2017.
Do you think Bitcoin will continue on this trajectory of growth despite political tensions and technical challenges?
Images courtesy of Shutterstock, technode.com, and Bitcoin.com’s price index
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