After several days of experiencing steady jumps of several hundred dollars, the bitcoin price hovers just above $8,200 USD at press time. Over the past few weeks, we’ve witnessed hops from anywhere between $300 to $1,000 in a matter of days. Now, after hitting a new all-time high, trading has been mostly sideways for close to a week. While it’s too early to declare bitcoin has stalled, one can’t help but notice the change.
Trouble in Africa
One of the big stops in bitcoin’s rushed rise to the top may be additional troubles stewing in Zimbabwe. Following a military takeover just last week, bitcoin’s popularity rose as a way of surviving the after effects of a botched economy and a weakened financial system. At the time, bitcoin traded for over $10,000 in the country, and the power it possessed seemed unstoppable.
But news got out real fast, eventually landing on the ears of Zimbabwe’s disbelievers, and central bank officials were quick to say that bitcoin “isn’t legal,” and that trading, buying, or selling would have consequences. So, that announcement could have scared traders in Zimbabwe, taking some of the steam out of the global rally.
However, trading hasn’t halted completely in the country. In fact, the coin has reached trading values of over $13,000 within Zimbabwean borders despite its newfound illegal status. So while trading might have slowed, bitcoin is still on the rise in Zimbabwe.
Bitcoin Fights Back
In recent weeks, bitcoin has shown a certain level of bravado when confronting obstacles, and it has learned to put up a fight. The Chinese ban on exchanges and the sudden hack of Tether didn’t cause the coin to experience significant drops in its price or value, and the trouble in Zimbabwe isn’t likely to cause any long-term problems either.
But over here, bitcoin seems to have taken a step back. While growth is still apparent, it’s smaller than we’ve been used to in the previous weeks. Progress is slowing down a bit. Things aren’t likely to stay this way forever, but it’s probable to think bitcoin has taken a hit, and will likely take a few days to lick its wounds a bit before stepping back into the fight. There’s no reason to panic; we should just remain on standby.
Bitcoin Price Down for the Count? Not Quite Yet
And with so many advocates in its corner, bitcoin isn’t likely to disappoint us. Organizations including the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) have reversed their stances on bitcoin and cryptocurrencies altogether to one of positive wonderment, revealing plans to start trading bitcoin futures or offer bitcoin contracts in the coming months.
Even JP Morgan, a longtime critic of bitcoin and its investors, is examining whether it can “facilitate bitcoin futures trading for its clients.” The light is shining on everyone, and they’re taking notice.
Additionally, host of RT’s financial program Max Keiser feels bitcoin is a “gift from God” given to the world to help sort out its ongoing monetary problems. He feels the coin could ultimately exceed $100,000 in the not-so-distant future.
“Bitcoin will dominate and lead crypto going forward,” he said in a recent report. “Hundreds of obituaries have been written about bitcoin, and none of them have come true […] And none will.”
Take a Moment to Relax
So, while it’s plausible bitcoin will pause here and there for a breather or two, the days of worrying about whether it will or could ever survive seem to be long behind us.
Let’s take this opportunity to view bitcoin as the child we’ve helped raise. It has fallen and hit its nose a few times, but now it has the power to walk and talk, and we need to stop worrying and let our favorite tech continue to mature.
Where do you see bitcoin’s price at the end of the year? Post your comments below!
Images via Pixabay, Bitsonline