Bitcoin (BTC) and cryptocurrencies, in general, are already well-known for their ability to travel. After all, for a “currency” totally based in the ether of the Internet, it makes sense that it would be one of the best industries for overcoming borders. No shipping required. Today, we’re seeing a lot of news come in that goes to show that BTC is indeed a global phenomenon coupled with a spike in the Bitcoin prices.
The BTC price is once more just a hair under $4,000 after yesterday saw it dip below $3,800, representing a five-percent jump, which is good news for BTC holders. The Bitcoin price forecast is also looking like it might be ready to rally from its middling performance in the past week or so, but we’ll have to see BTC cross that important $4,000 threshold.
In the news today, two stories appeared that showed just how worldwide Bitcoin is becoming.
In Europe, Mario Draghi, president of the European Central Bank, gave a muted statement regarded the regulation of cryptocurrency, saying that his institution does not have the power to impose regulations. (Source: “Mario Draghi: European Central Bank Has ‘No Power’ to Regulate Bitcoin,” CoinDesk, September 26, 2017.)
When answering a question on cryptocurrencies, Draghi said that “it would actually not be in our powers to prohibit and regulate” Bitcoin and other cryptocurrencies.
“We have to ask what effects cryptocurrencies have on the economy,” Draghi stated, adding that they are still in the developmental stages and not yet suitable as payment.
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Another interesting development is that a new $500.0-million hedge fund focused on cryptocurrencies may be on the way. The fund already has $150.0-million on-hand from the man who started it, Mike Novogratz.
Novogratz is a manager who left Wall Street after his last venture flamed out, but has returned with a vengeance and wants to get in on the cryptocurrency market. He hopes to raise the remaining $350.0-million for BTC by January. (Source: “A Crypto Fund King Says Bitcoin Will Be the Biggest Bubble Ever,” Bloomberg, September 26, 2017.)
As Bitcoin becomes more prominent across the globe, that can only mean good things for the Bitcoin price forecast.
With the ECB’s reluctance to commit to cryptocurrency curtailing alongside a massive new fund that is looking to drum up support on Wall Street, there’s a lot to be excited about for the Bitcoin price forecast in today’s news.
I imagine that Bitcoin will break through the $4,000 threshold either by the end of September or mid-October at the latest.