Please do not say that you have not heard about it. We are all busy people, if this is your excuse. In any case, Bitcoin reached historic heights at the end of last week – $ 5920.
And although on Monday we saw a downward correction, which lowered the most famous cryptocurrency in the world to $ 5671.5, the market sentiment remained positive. Why?
Now there are several factors affecting Bitcoin, including Bitcoin’s slow (but sure) penetration of the US real estate market, the 19th National Congress of the Chinese Communist Party and the order of Russian President Vladimir Putin to create a national cryptocurrency.
Let’s go through the points. First, the US real estate market. Monday’s reports claim that Bitcoin is now used by real estate agencies that consider cryptocurrency payments as a way to increase their popularity among young customers.
Of course, a set of popularity is viewed by the market as a bullish stimulus. The increasing number of people investing in Bitcoin and using it for large operations is a huge step for the cryptocurrency industry.
Next, China. While high-ranking members of the Chinese government gather for an important meeting that can determine the country’s future for the near term, cryptoinvestors recline in the chair and enjoy the presentation.
Traders will be careful, because China recently imposed a ban on cryptocurrency, which hit Bitcoin in the first week after the announcement.
However, you need to pay attention to two things. First, it is likely that the Chinese government will lift the ban and allow Bitcoin operations with a tight regulatory system. Secondly, in the end, Bitcoin prices could once again rise above $ 5,000 without the help of China.
And finally, interesting news from Russia. Following the meeting of the Moscow elite of power, President Putin ordered the creation of a national cryptocurrency – Crypto Ruble.
The Minister of Communications and Mass Communications of the Russian Federation, Nikolai Nikiforov, said that the announcement should not be taken as an approval of decentralized currencies, such as Bitcoin or Lithium (as Japan recently did).
Nikiforov also said that the government would “quickly” develop and introduce cryptocurrency into the market, but acknowledged that the specific implementation and tax issue had not yet been discussed.