Bitcoin has been struggling in a bearish market for almost a week, but recently it has bounced back. In the last two days, the price of Bitcoin has increased from $43,000 to $49,000. But amidst that was the period when Bitcoin fell due to the SEC’s intervention. Gary Gensler, the nominee for Chairman of the SEC, said that the Senate confirmation hearing was finding it difficult to prove that Bitcoin is free of fraud and manipulation. This was the time when Bitcoin dipped. And Bitcoin bounces back again after the confusion related to the cryptocurrency was dropped.
Gensler is in favor of Digital assets!
Gensler is an advocate of Bitcoin and has always spoken in favor of it. And as he spoke strongly in favor of cryptocurrency, the market quickly went up. Even John Wu talked about the same and said that “Gensler was largely positive about Bitc0in,” and this affected the prices positively. If he gets appointed as the chairman of the SEC, then it will be interesting to see how well the markets react. It is for sure going to be big news. Having someone in such a high authority that favors Bitcoin will be really beneficial.
Bitcoin’s widescale acceptance
With the increasing prices of Bitcoin, it is important to know that acceptance of cryptocurreny is increasing. Banks are now starting to trade and accept Bitcoin. On the other hand, ATMs now allow you to purchase crypto directly. Companies like Microstrategy, Square, Tesla are pouring in Billions in cryptocurreny, specifically Bitcoin. But the point is that with so much investment, I don’t think that the cryptocurreny is going anywhere. Michael Burry said that Bitcoin is a “speculative Bubble,” and he could be right or wrong. I can’t comment on the validity of the statement. But one thing I can say for sure is the scale of the cryptocurrency is increasing.
Within a few months or max by the end of 2021, we will see Visa and Mastercard accepting Bitcoin as payments. And once that happens, the use of Bitcoin will increase even further. As of now, cryptocurrency is just used as a method of investment. But once the digital coins are started to be used as a payment method, it will be a time of global acceptance.
More mainstream apps like Apple Pay have already added Bitcoin support, while Samsung Pay and Google Pay will soon let users pay with Bitcoin. These apps are also going to be an important factor for the widescale acceptance of the coin. I think it is here to stay as no matter how many times Bitcoin dips, it bounces back again. And that is more than enough to show trust in the cryptocurreny.
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