Wow the last couple of days in the cryptocurrency world has been crazy, we reached the $10,000 mark then blasted all the way to $11,000 in the same day. The next day it went to $12,000 and the next day it went to $13,000 and the next day it went to $14,000 by the end of that same day which is today, it now sits at $16,000.
Why Is bitcoin speeding up?
If you have been studying and observing the cryptocurrencies markets and industries for a period of time you will know the answer to this question.
There is not just one reason why this is happening but in fact it is a number of things coming together to make this possible.
The first reason is that bitcoin is getting more and more airplay on mainstream media. You are hearing more news reports about the exponential growth of bitcoin and it is the main subject of TV series like the big bang theory.
Bitcoin is being adapted into many financial industries like the Chicago Mercantile Exchange (CME) they are preparing a market to trade futures and this is set to be ready on December 18th 2017.
Cryptocurrencies are turning many millennials into freshly minted millionaires and many of them are still in high school. Many of these people are convincing their families and friends to join them in this once in a lifetime opportunity.
Banks are trying to create FUD in the market place
Many banks are crying foul and issuing warnings to their customers on the dangers of cryptocurrencies and they are doing this because they really care about their customers and don’t want them to get hurt. That was sarcasm if you did not realize. Cryptocurrencies are designed to allow everyone on the planet to be able to have an equal advantage to participate in the financial markets and free them from oppressive governments and centralized financial systems.
Bitcoin exchanges and mining companies websites are crashing
This is what is happening right now, at first it might seem to be a negative thing but in actuality it is very positive. The reason that these sites are struggling is because they are trying to cope with a huge surge in traffic and there systems are overwhelmed. The price is now at $16,000 and everyone wants a piece of the pie.
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- BTC: 1CvY211NkrH5ysh4H5vC8B5hfqEVZQrHr7
- BCH: 15ULWUag1RQ5R4QkBx3KhosJF5MTC9ZFRG
- ETH: 0xfa5d7282b1CfaAfF3ffaCfFc9241a3289c265D1A
- LTC: LY75aR1R47cHHN9VZ3N8yfeHeHKu165LeM
- DASH: Xm1n2mCpkQnpoTC7bbTF8L3gsvc7oLCahV
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I completely agree, as we begin to see cryptocurrency and blockchain technologies moving towards main stream adoption we will see BTC sky rocket. Also the NiceHash hack has caused a lot of issues in the last 24 hours and I know even Hashflare.io has been on/offline for maintenance. The craze is officially here I would say! Today is a perfect example of this idea, and if it keeps up at this rate who know what BTC will be at in a year!! Great post!
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Thanks a lot @kairo . Yes it is an amazing time in human history.
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Everyone will start believing in it soon, its like a gift of God. Instead of it climbling by hundreds in a day, it will climb by thousands very soon. but as the bible say we must give back to caeser. Tax is a must.
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I will pay my taxes of what I earn in fiat currencies, I will not pay taxes from my bitcoin. The government did not supply me with it and it was not created by them. So I will never pay taxes on my cryptocurrencies.
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Of course, lol, i will pay it same way
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If you believe you owe your government taxes then you should pay them. I pay them 33% from my day job and that to me is enough.
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