TO THE MOOOOONNN!!!!!!!!! That’s what I’m going with. I forgot to post what the price was last week. It was sitting at $237 per coin. Today it has closed at $278. Making all investors happy!
This week has been beyond hectic in the Bitcoin world! First up.
Today, the US Marshal Service put on it’s third auction of Bitcoins that were seized from the Silk Road website takedown. This was the most active auction held to date with 14 registered bidders and a total of 34 bids held. The auction block was holding 50,000BTC total in ten blocks of 3,000 ten blocks of 2,000. The value when the auction was held was $13.9 million which is now worth a bit more with the recent Bitcoin price jump.
If you have paid any attention to how countries react to the digital currency scene.. The majority turn their backs and ban the use of them. Here is a quick list of countries where the digital currency is actually ILLEGAL: Bangladesh, Bolivia, Ecuador, Iceland, Indonesia, Kyrgyzstan, Russia, Thailand, and Vietnam. It’s extremely restricted in China, India, and Taiwan. Well, chalk one up for the good guys. The Bank of England has taken a VERY positive stance on Bitcoin. They said.
“Digital currencies do not currently pose a material risk to monetary or financial stability in the United Kingdom, given the small size of such schemes. For instance, it is estimated that there is less than £60 million worth of bitcoins circulating within the UK economy, which represents less than 0.1% of sterling notes and coin and only 0.003% of broad money balances.”
Bank of England stated a ton of positive reasons WHY Bitcoin is an easy sell in today’s world. There’s no central bank, There’s nothing needed to hold onto Bitcoin other than a phone/computer. Most digital currency has a fixed total supply. Bitcoin has mined around 13 million with a total of 21 million possible. (estimated to be done around 2140). Digital currency has a VERY low transaction fee which is good for both the sender and recipient.
The first Bitcoin ETF (Exchange Traded Fund) will be opening up soon. What does this mean? This hedge fund gives investors a way of investing in digital currency without going through the actual trouble of BUYING Bitcoin. This hedge fund will allow traders to purchase shares which can be re-sold on the market. The fund will work similar to how the Gold market works. You don’t actually buy Gold.. The Bitcoin Investment Trust will hold all of the actual Bitcoins. It’s set to start trading on NASDAQ in the next couple weeks under a ticker of OTCMKTS: GBTC. I’d tell anyone to get in on this!! Bitcoin is moving faster than anybody can truly comprehend. Last year $347 million was poured into Bitcoin startups. This year there has alreayd been over $100 million!! Have a great weekend everyone!
