Have you ever been sitting in a movie, knowing that something big was about to happen or have you ever felt that first raindrop and known that it was just about ready to pour. Well my friends, be ready because it is becoming increasingly apparent that bitcoin is at a tipping point, ready to soak up a storm of fiat cash.
On July 24, 2017 Bloomberg news reported as follows:
"LedgerX LLC, a cryptocurrency trading platform operator, won approval from the U.S. Commodity Futures Trading Commission to operate as a federally-regulated exchange and clearing house for derivatives contracts settling in digital currencies."
At the same time, in the past year we have seen the japanese government give its blessing to bitcoin's use as currency, India signalling the same, major investment banks giving access to crypto to their customers, investment houses adding money to crypto, the ethereum alliance of very established companies getting into the space, 100 billion in market cap and 1 billion worth of new ico's.
Imagine if the ETF proposed ever succeeds. The numbers that would flood in from money in mutual funds, and other respectable funds would be as mind boggling to us now, as it would have been to have told bitcoiners who remember the 3 billion dollar crypto market when ethereum first came on the scene that we would ever hit 100 billion.
There is a feeling developing that nothing can stop this train. The greatest challenge to bitcoin may well be bitcoin itself and its rumbling signals towards internal combustion in the form of hard forks. Perhaps a fork will help, perhaps it won't and another crypto currency will carry out the long awaited "flippening" (maybe not ethereum after all the recent hacks and problems), but this train seems to be in full forwards acceleration.
I was happy to pick up a bit of btc when the market turned down recently, but there wasnt enough time to bulk up. Perhaps a fork will give us all an opportunity to do so....here's hoping for a short term correction before the storm!!
(The statements in this article are not legal advice, and are simply the views and opinions of the author. The author is not a finance professional or advisor and makes no representations about the accuracy or correctness of these statements).