Fred Wilson, early investor in Twitter, even said, ‘The lesson from the internet is that anything China bans, invest in.’
For all the bitcoin doubters it means they can finally put their money where their mouth is and short bitcoin.
If you haven’t come across bitcoin or cryptocurrencies in the past few months, then you’ve clearly had no contact with civilisation. Everyone, and I mean everyone, has been talking about this stuff.
Bitcoin now trades above US$7,100, making fortunes in the process. So what should you do with this new found wealth? Why not try and make more on classic sports cars?
The contentious SegWit2x fork for bitcoin has stalled. In fact, it could be called off entirely. The proposal was aiming to double bitcoin’s block size to two megabytes. A move that had divided the bitcoin community.
The energy industry is one of the first to commercially adapt blockchain technology on a global scale. First it was the banks chasing this tech. Now the oil and gas sector wants in.
Bitcoin surged up to around US$7,700 after this announcement. That is almost US$1,000 over the amount it was trading a week before. It has since dropped and is now trading at around US$7,350.
We are glad and, at the same time, regretful that we have launched two cryptocurrency services. However, we like to think that by giving folks advice, and educating them on the sector, they’ve become wiser about how it all works.
Not only is the idea of bitcoin easy to get behind, the underlying blockchain technology of the coin is set to revolutionise how businesses record and store information.
The good thing is the hype is true. The benefits of bitcoin are real, and that they will usher in a long-term financial revolution. If you can see the fundamental promise of what bitcoin is designed for and what it delivers, then you’ll see that price is somewhat irrelevant.