GlobalBlock Analyst Comment
We as a brokerage strongly feel that the future of cryptocurrency over the next year will lie in Bitcoin. Much of the noise that goes around the market in terms of institutions entering the space surrounds that of Bitcoin. E.g. there are Bitcoin Futures, Bitcoin Bonds. Bitcoin Mutual Funds and the latest financial product that people are expecting is a Bitcoin ETF.
Bitcoin is tried, tested and has a large community supporting it. Come the start of the new year it will be 10 yrs since the first genesis block was mined. As Bitcoin is decentralised and has no underlying enterprise behind it, the SEC has deemed it a currency not a security, meaning the regulation behind it is positive.
It’s been proved that as a currency it can be more stable than fiat currencies controlled by central bodies for example, the Turkish Lira and the Argentine Peso. How long will it be when central banks start hedging their own currencies against Bitcoin.?
When can we expect commodities like Gold and Brent Crude to start having BTC pairings as emerging markets would rather deal in BTC than USD? We’re bullish on a decentralised future and so far all the signs point towards BTC. As Alt coin projects still appear have a long way to go before the points mentioned above are achieved- Bitcoin is the currency of the immediate future..
Have a great week.
Michael Watford & the GlobalBlock Team