Australia was a bit of a slow starter with crypto. Now the Aussie government is trying to find ways to encourage ICOs. This is an opportunity. One which, handled right, could see tremendous growth for Australia. This openness means pioneering Aussie based crypto projects can launch hugely successful ICOs.
‘The ASX will move its equity markets settlement and clearing system onto blockchain-inspired technology'. So there you have it. Blockchain technology is real. It’s not a mirage. It’s not a fad, as so many have suggested. It’s simply a better technology, which is going to replace the old ways of doing things.
Five days ago bitcoin passed the British pound and became the 6th most circulated currency in the world. It’s difficult to comprehend the scale of this crypto revolution. Particularly the incredible speed that digital assets are growing.
South Korean policy makers are now worried about this growing mania. It’s why the country’s top financial watch dog, said it had grave concerns about speculative buying. But why has bitcoin had such an effect in South Korea?
They had until December and they didn’t disappoint. The ASX Ltd was in need of replacing their CHESS system, the system that records holdings, executes trades and settles them. It was world leading technology in the 1990s. But in 2017, not so much.
The reason is that the Chicago Board Options Exchange is now offering options for bitcoin. That’s going to bring a whole heap of institutional money into the cryptocurrency space. It may also see the price of Bitcoin absolutely fly. We’re talking potentially billion in options trading on bitcoin. It will help large institutional investors manage their risk in holding actual bitcoins.
The little known crypto that trades as (Miota) is up 152% since announcing the deal with Microsoft last week. The graph has quite literally gone vertical as the coin has surged 873% this month. One month ago, it had a market cap of US$1 billion. Now it is just shy of US$8 billion.
To trade successfully you just need to realise a simple truth. Something that describes simply and eloquently what is happening beneath the surface of your chosen market. Trading sounds hard to a lot of people. Here’s the truth though. Markets are actually not hard to understand.
Like the dot com boom, all sorts of innovative cryptocurrencies have sprung up, or are about to. Those that smugly declare cryptocurrencies will end up in a new dot com crash miss the point. But there are certainly lessons you can glean from the dot com era.
The bitcoin market is quickly surpassing some of the richest people and most valuable companies in the world. Bitcoin’s market is now worth more than US$192 billion. So what’s next for bitcoin?