Daily Bitcoin News Update
Bitcoin prices have been at the mercy of global politics for as long as we remember. It is woeful irony for crypto lovers that the market value of this decentralized alternative to fiat money is seemingly centralized in the hands of political power blocs.
South Korea’s hollow threats to ban Bitcoin gave us a thorough glimpse into what a Bitcoin crash looks like. BTC prices nosedived solely on the back of politically instigated fears.
Then the soft position taken by the U.S. financial watchdogs showed us the bright side of crypto investing. BTC prices recouped part of their losses in the aftermath of a crypto-friendly U.S. Senate hearing, reinvigorating our faith in Bitcoin.
In short, politics continue to drive investor sentiment. It’s why, when world leaders speak about Bitcoin or its underlying technology, the markets are all ears.
Chart courtesy of TradingView.com
Over the past week, we saw two world leaders speaking in favor of blockchain, which, in our view, afforded an implicit support to the revolutionary Bitcoin that blessed us with blockchain in the first place.
Russian President Vladimir Putin thinks blockchain is a needed technology. He urged that his country stand with the pioneers today, or else they may be left behind in the race. (Source: “Vladimir Putin Says Russia Needs Blockchain, Cannot be Late in the Race,” CCN, February 25, 2018.)
A similar stance was taken by India’s Prime Minister Narendra Modi a week ago when he said that blockchain requires “rapid adaptation in our workplaces”.
Even though these leaders of two of world’s biggest emerging markets did not outright name Bitcoin, their opinions on blockchain resonate with Bitcoiners.
Blockchain certainly is a technology that the world needs and, since a fully functioning blockchain would require the use of a decentralized token, Bitcoin would remain the world’s most sought-after decentralized coin in the world. After all, it pioneered the technology, had a head start in the race, and is recognized by all and sundry.
Crypto markets remained flat over the weekend but momentum has again been building today. Bitcoin prices witnessed a sudden pop this morning, as the BTC to USD rate hopped across the $10,000 mark. Prices have been toing and froing since the early-February crash, but a floor seems to have been established above $9,000.
The journey beyond this will likely remain bumpy, but we’re holding true to our Bitcoin price forecast as the emerging world embraces Bitcoin’s core technology with open arms. While politics play the role of a double-edged sword, our BTC price target for 2018 remains unchanged at $15,000.