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The recent surge of Bitcoin’s value has had bulls predicting the upswing isn’t done yet. Bitcoin enthusiasts cite several examples of these and are speculating that when its value reaches $8,350 then it can break resistance levels yet again.
As of this writing, Bitcoin is changing hands at $8,136, recovering from its value last Friday of $7,800. The most recent significant news about the crypto market is from the G20 summit, about what to do regarding this nascent currency, Cointelegraph reported.
It can be remembered that the G20 scheduled a deadline for this month for recommendations on what to do with Bitcoin, and the crypto market as a whole, moving forward. But with the passing of the deadline, the G20 decided to move it to October as it waits for input from the Financial Action Task Force (FATF) regarding how to properly regulate cryptocurrencies.
The G20’s rising interest in the crypto space is essential to the global adoption of cryptocurrencies. The flimsy regulations that have been put in place around this industry are the reason why traditional investors are staying away from the crypto market.
But if the G20 manages to draft a legal framework that will provide the baseline for how countries should regulate this market, then a uniform global restriction will follow. Right now, there are still a lot of people who have yet to invest in Bitcoin because its underlying technology, blockchain, is difficult to understand and the market is quite volatile.
However, the trend of adoption – especially among younger people – is slowly gaining traction. There is even the emergence of new travelers now called crypto nomads, people who journey to different countries using Bitcoin as a form of payment.
In the months that the bear market dominated the crypto space, a lot of Bitcoin detractors came out of the woodwork to pronounce that the cryptocurrency is dead or dying. A couple of months later, not only did Bitcoin prove the naysayers wrong, it actually rose in value, breaking through several resistance levels before settling down to the price it currently has.
It’s important to remember that this particular industry is in its infancy compared to other financial markets. And the fact that it’s already making waves despite its age is a testament that Bitcoin and other cryptocurrencies will play a significant role in the global economy in the future. When this will be is uncertain at the moment, but the G20 discussion in October will certainly provide some insight on when it will occur.
