There is a price projection of Bitcoin (BTC) touching 27,000 based on the previous bullish structures. There are suggestions that even if BTC keeps working towards the next levels of resistance, it is possible for the token to get struck in a long consolidation phase.
The glorification of the value of Bitcoin is continuing to happen among investors. Those who are excited about the numbers going up and down are happy. And the relevancy and reputation of Bitcoin is catching up among investors. The spike of BTC price has encouraged increased headcounts in the industry. Some of them are very seriously trying to understand why the BTC price keeps going up.
Even those who were giving a big no-no to BTC have come up with their own questions and concerns in trying to understand how the concept of Bitcoin works and on how reliable the returns are. There is also hiring spree seen in the cryptocurrency industry based on the recent surge in the value of Bitcoin. Several cryptocurrency based startups are gathering momentum.
Commenting, Sydney Ifergan, the crypto expert tweeted: “Regulators are trying to exercise control over the cryptocurrency space. We need to wait and see how Bitcoin (BTC) deals with the risk of regulation.”
Business Insider pointed Kevin O’Leary statement on how grown up men will weep when regulators narrow down to the status of bitcoin down really hard. He also points to the fact that the capital loss will be so huge and brutal.
The regulatory pressure is intensify in gas Steven Mnuchin has proposed a new regulation which would want some cryptocurrency traders to provide more details about their identities and cryptocurrency transactions.
These comments and regulators proposals are happening at a point in time when institutional players are flocking in to the world of cryptocurrency.
Bitcoin (BTC) Considering To Convert
Noteworthy, that Elon Musk expressed that he is considering to convert “large transactions” of Tesla Inc.’s balance sheet into Bitcoin in a Twitter exchange with Michael Saylor, a prominent booster of the digital currency.
In response Saylor, CEO of Microstrategy Inc., stated, “do your shareholders a $100 billion favor.”
Saylor was trying to encourage Elon Musk and further stated that several other firms on the S&P 500 are likely to follow lead in time.
This is just proof as to how Bitcoin is tempting the big money guys in the industry. Apprehensions are natural in the minds of the average investors. However, those who move the money market getting tempted by BTC is a good sign. Big Guys in the World of Money know what they are doing.
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