Ever since my last post about Bitcoin more than two weeks ago, I have been keeping a close eye on the price movement and the news as well. Judging from the chart alone, it’s highly possible that Bitcoin will soon break the $400 resistance level, because it has tested it twice already in the last two days and today’s hourly candle closed a lot closer to this level than the previous. The technical analysis is definitely showing an increasing pressure from the bulls, but that’s not all! The news have been very favorable as well.
Visa is Testing Remittances on the Bitcoin Blockchain
Visa Europe became the latest enterprise financial institution to announce a blockchain proof-of-concept this month, when it revealed it was working to leverage the emerging technology for remittances.
Report: Barbados Central Bank should hold Bitcoin
Two Barbadian economists have concluded that the country’s central bank may want to consider holding a small amount of bitcoin as part of its portfolio of foreign reserves.
Former assistant of President Obama joins Bitcoin Miner Bitfury
“I believe in the blockchain and the transformation power of this technology. And you should too. In fact, I believe in the blockchain so much that I just left my fantastic job working for Edelman … to take on the role of global chief of communications at BitFury.” Source: http://www.coindesk.com/former-white-house-staffer-joins-bitcoin-miner-bitfury/
Bitcoin bulls just getting started
The above three news were just a few examples how seriously people are starting to take Bitcoin and its underlying technology, the Blockchain. Deutsche Bank, for instance, has claimed that the Blockchain technology will become mainstream within just the next decade.
I’m a Bitcoin permabull myself and I strongly believe that we can break the $400 barrier this year. Perhaps there’s not enough power to test $500 within just two weeks, but we should be getting there in the first part of 2016 as well. See you on the moon!