Daily Bitcoin News Update
As of now, there are exactly three nations in the world that are tied in the first spot as the frontrunners in the Bitcoin race. Japan, the U.S., and South Korea are jointly leading the Bitcoin revolution. South Korea, in particular, has leaped onto the scene after China’s ban pushed it into the background. This is the country expected to stimulate Bitcoin’s next major growth spurt.
The latest news is that South Korea’s Internet giant, Kakao Corp (KRX:035720), is going to be integrating Bitcoin and a bunch of other cryptos across all of its Internet platforms. Consider Kakao to be the Google-cum-Facebook Inc (NASDAQ:FB) of South Korea.
To name a few of its service, “KakaoTalk” (read: the “WhatsApp” of South Korea), “KakaoPay” (consider it the “ApplePay” or “Venmo” of South Korea), and “KakaoTaxi” (the equivalent of Uber in South Korea), may all be integrating Bitcoin payments very soon.
I’m reading this news like this; Bitcoin is about to witness true mainstream adoption in one of the largest crypto markets in the world.
Take note of Kakao’s apt timing. Bitcoin is just beginning to revive its lost utility as a payments coin. After adopting the “SegWit” soft fork last month, Bitcoin has now become a lot cheaper and faster to use for day-to-day purchases.
Also note that Kakao will be drawing pricing data from Upbit—one of the leading South Korean exchanges also partly owned by Kakao—to power its Bitcoin payment channels. (Source: “South Korea’s Kakao to Integrate Cryptocurrency For 12,000 Merchants & Millions Users,” CCN, March 10, 2018.)
Back in January, South Korea’s e-commerce giant—the South Korean equivalent of Amazon.com, Inc. (NASDAQ:AMZN)—Wemakeprice Inc. similarly announced plans to begin accepting Bitcoin and a dozen other cryptos on its platform. Powering it is Bithumb, another major crypto exchange in South Korea and one of the largest in the world.
So what we’re seeing now is an arms race of sorts where exchanges are trying to leapfrog each other in a bid to secure corporate partnerships. The trend bodes extremely well for Bitcoin.
South Korea is a country where everyone from teenagers to grandmas is investing in cryptocurrencies. This is why, when the South Korean government hinted on imposing a ban on cryptos, crypto markets panicked and surrendered to one of the biggest price crashes.
Chart courtesy of TradingView.com
Since then, Bitcoin prices have struggled to regain their lost all-time highs. In the trailing 24 hours, BTC prices are down 7.78%. The BTC to USD rate is barely hovering over $9,000.
But user adoption may become the cornerstone for the next bull run in prices and South Korea may catalyze the trend.
We’re taking this news as a bullish signal for prices, which is why we are reiterating our Bitcoin price forecast with a $15,000 price target.