• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Could Bitcoin Be Prepping for Run as U.S. Tax Day Passes?
Nexo

Several Factors Are Driving Renewed Bullish Sentiment for Bitcoin

Julio Gil-Pulgar by Julio Gil-Pulgar
4 years ago
in Bitcoin, Bitcoin Price, Markets and Prices, News, News teaser
0
Advertisement

Bullish sentiment for Bitcoin is gaining renewed momentum. Investors and financial experts are suggesting a variety of catalysts to explain Bitcoin’s rally, such as regulatory softening by some governments and new technological developments. Even PayPal’s Chief Financial Officer now predicts that Bitcoin might become a favorite payment method. In the meantime, Coinbase and Bitfinex are implementing SegWit to reduce transaction costs.


Several Factors Are Fueling Bitcoin’s Rally

Bitcoin’s current rally has many drivers. One of them is regulatory softening towards cryptocurrency. In this regard, CNBC reports, Brian Kelly, the founder and CEO of BKCM LLC, points out that one of the catalysts for the cryptocurrency’s rally is the fact that the Wyoming House of Representatives unanimously passed two crypto-friendly bills: House Bill 70, and House Bill 19.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

House Bill 70 is entitled “Open blockchain tokens-exceptions.” According to State Representative Tyler Lindholm, Bill 70 “exempts initial coin offering [ICO] tokens issued on an open blockchain from Wyoming’s money transmitter and securities laws, as long as the token has not been marketed as an investment and is exchangeable for goods or services.”

On the other hand, Bill 19 is entitled “Wyoming Money Transmitter Act-virtual currency exemption,” and it exempts cryptocurrencies from the state’s money transmitter laws.

Kelly also suggests that another catalyst for Bitcoin’s rally is the South Korean government’s shift from a very hostile stance towards cryptocurrencies to a more supportive attitude, encouraging “normal” crypto trading.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

As a result, Kelly concludes:

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

The sentiment has changed here, which to me is going to start bringing in more investors to the space.

Moreover, John Rainey, CFO of PayPal, is also optimistic about Bitcoin’s future, predicting that Bitcoin will become a popular payment method. When The Wall Street Journal asked him whether “Crypto or bitcoin [will] ever be popular as payments?” Rainey replied:

At some point, there is a very high likelihood. The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day.

Technological Advances Motivate Bitcoin Optimism

Most importantly, Bitcoin is gradually but surely solving its problem with scalability. Indeed, new schemes and technologies such as Segregated Witness (SegWit), Lightning Network, and Atomic Multi-Path Payments over Lightning, are being implemented to facilitate near-instantaneous low-value Bitcoin payments.

For example, leading Bitcoin exchanges, such as Coinbase and Bitfinex are already implementing Segwit to trade Bitcoin.

Our engineering team has finished testing of SegWit for Bitcoin on Coinbase.

We will be starting a phased launch to customers over the next few days and are targeting a 100% launch to all customers by mid next week.

— Coinbase (@coinbase) February 20, 2018

In one of its earlier announcements regarding the SegWit implementation, Coinbase explained:

For those unfamiliar with SegWit, this upgrade helps reduce the size of transactions, which improves the overall transaction capacity of the Bitcoin network. This upgrade should also help reduce the fees customers pay on bitcoin transactions.

Bitcoin price chart - Feb 21 2018 - CoinMarketCap

As a result, Bitcoin has been able to withstand threats and hostile actions from bankers, governments, and world financial authorities. And, once again, as the chart above suggests, the cryptocurrency is starting to attract investors with renewed enthusiasm.

How do you think the softening of restrictions will affect Bitcoin’s value? Let us know in the comments below.


Images courtesy of Wikimedia Commons, CNBC, Coinmarketcap

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Julio Gil-Pulgar

Julio Gil-Pulgar

Julio has worked for Fortune 100 companies and the United Nations. He has led projects involving IT, operational, and compliance audits, in the U.S. and throughout the world. His expertise is in cryptocurrencies, IT engineering, risk management, and security. Julio is also a tango dance enthusiast.

Related Posts

Anthony Scaramucci

Here’s Why Scaramucci Expects Bitcoin Price To Reach $300,000 Before 2030

1 day ago
liquidations

Liquidations Cross $280 Million After Bitcoin Price Falls Below $25,000

2 days ago
Bitcoin

Bitcoin Will Beat Gold As Store Of Value, MicroStrategy CEO Says

2 days ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

2 days ago
Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

3 days ago
UNCTAD, document heading

UNCTAD Wants To Curb Crypto Adoption In Developing Countries. Of Course They Do

5 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.