Investors are constantly looking for serious assets in which to invest. Bitcoin is fast becoming a serious asset which further boosts Bitcoin future.
Bitcoin future depends on perception of it as serious asset
During 2016, Bitcoin constantly gained ground against other assets, It more than doubled in value and outstripped gold as a prime investment asset.
Initially, most serious investors considered Bitcoin to be a weak upstart, lacking substance. Dismissed by many, investors are now beginning to accept Bitcoin could replace gold as a primary investment asset. Part of the problem has been the existence of Bitcoin as a virtual asset residing on the internet. Acceptance takes time and dismissive attitudes are now being displaced by reality. Coupled with that predictions for Bitcoin during 2017 are quite astounding.
According to Silicon Valley entrepreneur Michael Dunworth; Bank of America Hedge Funds and high net worth individuals are all beginning to diversify their portfolios with Bitcoin. He also said that financial advisers are even beginning to see the merits of Bitcoin from a speculative point of view.
He even took his statement further by adding this quote:
“Bitcoin will replace gold, and internationally it will replace the USD as the global reserve currency – 20 years or so from now that is. Bitcoin has a superior value to gold in its store of value and usability. However, it has received nowhere near the same penetration as gold.”
This was quite a bold statement indicating that over time Bitcoin will become the favoured investment asset of the world. What a bright Bitcoin future. However, currently some potential investors are being deflected by volatility in the Bitcoin market. Interestingly, others see it as a possibility to make some short-term gains.
Possibilities for the Future
One interesting possibility is that the value of gold may decline as investors sell their assets to invest in Bitcoin. Such trading could further inflate the value of the Bitcoin asset over gold. It is going to be an interesting future, only a few years ago Bitcoin figured as an experimental asset.
It is public knowledge that Bank of America is filing patents on Bitcoin blockchain technology. That tells us that they are seriously interested in the technology of virtual currency. The Bank of England have also noted and interest in virtual currency technology. The question I am asking is why?, do they intend to launch a rival to Bitcoin and perhaps strangle the foothold Bitcoin now has on the market? For now, the future remains to be seen.
More and more organisations are taking to accepting Bitcoin payments so it may well become the preferred currency of the future. Many online casinos are now accepting Bitcoin as a payment method.
Update: During June 2017 Bitcoin peaked at over $2,900. It is now becoming a serious asset.
Read our other articles regarding the evolution of Bitcoin.
See live Bitcoin prices for the major currencies on our currency converter.
Disclaimer: This article only represents the author’s opinion and should not be taken as investment advice.
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