Bitcoin Price Prediction: Congress Report, Indonesia; More Positive Signals for BTC
Daily Bitcoin News Update
While the world leaders are busy deciding the fate of cryptocurrencies at the G20 summit in Buenos Aires, it may be reassuring to know that the U.S. government may have already picked a side favorable to Bitcoiners.
The latest report from Congress this month hints that the U.S. government may be more friendly toward Bitcoin (BTC) and its underlying technology, blockchain, than we previously thought.
The gist of the report is that cryptocurrencies deserve a second look from regulators. The report urges U.S. authorities to create regulations that protect investors but don’t stifle the development and growth of the crypto industry.
The report identifies the pros and cons of cryptos and delves deep into the merits of blockchain technology, identifying it as an efficient and secure way of storing and tracking data. (Source: “Report of the Joint Economic Committee Congress of the United States on the 2018 Economic Report of the President,” United States Congress, March 13, 2018.)
Some U.S. policymakers are in Argentina to make a case to their counterparts from the other G20 nations. There’s a good chance that regulators will find a consensus on subsidizing Bitcoin and its technology, not suppressing it.
At least that’s the vibe we get from Financial Stability Board (FSB) Chairman Mark Carney, who opines that cryptos do not pose a threat to our financial system and so, deserve the right to thrive.
And while Bitcoin sees a chance to flourish in the U.S. and other G20 countries, emerging nations like Indonesia have likewise begun to embrace it with open arms.
Indonesia may become the first country to see Bitcoin and its “baby” cryptocurrencies dominating other investments. Believe it or not, Indonesia’s largest cryptocurrency exchange may soon have more members than its stock exchange.
Indonesians have shown an unprecedented interest in cryptocurrencies, as the country’s crypto exchange continues to sign up nearly 3,000 new investors every day. (Source: “Indonesian Bitcoin Investors Set to Outnumber Stock Participants,” Bloomberg, March 14, 2018.)
Positive developments like these have helped put a bottom under BTC prices, even as Bitcoin continues to endure massive selling pressure.
Chart courtesy of TradingView.com
As of the time of this writing, the BTC price was up about 2.9% in the past day. The BTC to USD rate was defying gravity at $8,511.27.
Analyst Take
As regulators turn friendly toward Bitcoin and emerging nations around the world begin to adopt it, we expect BTC prices to continue their ascension. As such, we maintain our Bitcoin price prediction with a $15,000 price target for 2018.
