Are We Seeing the Start of a Legitimate Bitcoin’s Golden Age?

Bitcoin continues to enjoy a comfortably high price, about $1800 USD to Bitcoin at the time of writing this article. The cryptocurrency is no stranger to high times, nor is it completely safe from another monumental drop. However, something feels different about this price. It does not feel too far off from the feeling I have about Dogecoin and some other alts also enjoying a revival in both price and community. Trading price of Bitcoin has stayed over $1000 for the past two months, and has been over $1500 for the majority of May thus far. What might make it different this time for Bitcoin?

Japan recognizing Bitcoin

The path to wider adoption sadly means that we still need to operate within the bounds of the boring stuff. While a nation moving to recognize and enshrine something in law may sound lackluster, its implications are anything but that. Japan’s bill concerning Bitcoin was largely aimed at cracking down on money laundering, it did recognize Bitcoin as a legal method of payment for goods and services.

Though we know that a method of payment really is anything that the market allows for -barter systems could trade yams for services, etc- having a definitive law both regulating and protecting this digital asset could be one of the reasons this price bump may be the new norm. When governments can tax something, they want to make sure that something -in this case Bitcoin- can be a viable source of revenue. The parts of markets where governments do have influence do not want to see Bitcoin fail or drop significantly in price, it just would not serve logical interests.

There is a growing demand for Bitcoin

In the past year alone, searches for Bitcoin online -at least via Google- have grown significantly. Though I’m not the only person saying it, I have written in the past about Bitcoin’s need to be more well known for it to really take off, this may be the start of people realizing this. As a Bitcoin Evangelist, I see first hand about how knowledge about the coin has directly translated into demand from those now in the know.

Whether the newfound demand is for more independent wealth, hopes of freeing oneself from institutionalized finance, or simply wanting to buy in before the price really explodes, the increase in demand itself is clear. The market mechanism working here is by the book: Bitcoin has a limited supply, demand for it is growing, this makes current and potential supply more valuable.

No longer just for nefarious activity

Even with the most recent ransomware attack bringing Bitcoin some unwanted attention, the price has not dropped nearly as much as I would suspect this kind of event would have hurt the coin even last year. We may now be in a place where Bitcoin has finally shaken the reputation of a criminal currency that has dogged its entire existence.

The market’s response to this attack appeared to only be a bit harsher than it would be to cash or bear bonds. While this attack did not do Bitcoin any favors, public reception seemed to finally blame the criminal act and not the currency. We may be witnessing the start of the Golden Age of Legitimate Bitcoin.

Disclaimer: This is my opinion, and should not be confused with investment advice. The only advice I am willing to give about investments is: never invest more than you can afford to loose. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

  • Spot from Pompeii

    BTC is going to break $2500 soon! $5000 end of the year.
    Get involved in MINING BITCOIN with cloud mining contracts.
    Genesis-Mining com has been around for 10 years and has
    LIFETIME mining contracts! CHECK THEM OUT!

    Use my CHECKOUT code to get a DISCOUNT on your mining
    contracts – you set the price! My code is: MTwaFf

    Mining Contracts bring DAILY PAYMENTS to your account.
    Calculate your daily payments when BTC is $5000! !

    DISCOUNT CODE – USE AS MUCH AS YOUT WANT! MTwaFf

    • KryptoForge

      Genesis Mining has been around mining Bitcoin for 10 years? So they been mining since 2007? Bitcoin was not made public till 2009. So either your lying or Genesis is Satoshi Nakamoto.

  • Russell Spears

    BITCOIN: THE WORLD’S FIRST AND ONLY USEFUL BLOCKCHAIN.

    Bitcoin will dominate because the criminal class (which includes all governments and Bankers) will not be able to use it, because it is global open decentralized immutable record of every transaction… the World will however be able to trust the Bitcoin blockchain as the single source of public agreements…

    All of these Fiat monies are debt instruments, which if people ever really understood them, they would never touch. Likewise all of these altcoins in cryptocurrency, are likewise worthless because they lack one or more of the very attributes that make Bitcoin useful.

    It is only a matter of time before all of the common problems of a monetary instrument starts to plague all of these all these altcoins, the people that are speculating and storing their wealth will no doubt wish to promote those tokens, but the market will reject them for all the reasons that make Bitcoin King.

    • KryptoForge

      Calm down there Russell. Bitcoin is King I agree but it is not the only useful blockchain.Do a bit of research on Bitshares, Storj and Maidsafe just to name a few. That might change your mind a little.

      • Russell Spears

        Every blockchain it’s going to be useful to the degree to which it can be secured and immutable…. is it so hard to imagine that much like the web, one Innovation will be built on another? Bitcoin is fundamental to all blockchain technology

  • Russell Spears

    In the end, there can only be one single blockchain for the free markets source of value, agreement and trust… even gold and silver is being manupulated…because we dont need two.

    BITCOIN IS KING OF ALL CURRENCIES!