How Long Till Bitcoin Replaces Cold Hard Cash?

[BlackTortoise + 103]

The world’s largest cryptocurrency neared $10,000 last week, meeting strong 200-day moving average resistance of around $9,800. It’s no coincidence that the rally we’re seeing right now began soon after Tax Day. Also moving prices is news that Goldman Sachs and Barclays are both rumored to be working on introducing cryptocurrency trading desks. Similarly, Nasdaq said that they “would consider becoming a crypto exchange over time,” and that “digital currencies will continue to persist.” These are huge steps for the crypto market to take on its path to full maturation and acceptance as an asset class. 

[Vlad Kovalenko + 115]

Tax Day was a big day for Bitcoin making its jump more than 33% till than. Probably because most of investors were liquidating their holdings ahead of filling deadline and now they are all coming back to the game. 

[Selva + 252]

[Stormysaga + 62]

 Many hedge funds and financial firms are slowly turning to crypto. According to Thomson Reuters survey one in five firms are planning to trade altcoins this year and 70% of those said they would do so in the next three to six months. Obviously big investors are aware of a great opportunity in crypto that they won't let it pass by them. 

[msk + 42]

I wonder what the impact of fx brokers entering the space might be - a year ago, it seems like there were frequent big ticket purchases, but now, it seems more and more whales are buying/selling OTC - where their orders aren't necessarily showing up on exchanges all at once. Volatility still exists, but definitely not like it once did....with institutional money coming in, i think it will be a slow climb from here, but it will be steady. 

[TraderTate + 186]

yes! this is where things start to get 'normal'--which is exactly why it's the right time for Goldman Sachs' move. 

[Aqua70 + 2]

First an understanding, then a belief set, then the adoption....still in the understanding stage for many....

[CMOP + 227]

13 hours ago, Aqua70 said:

First an understanding, then a belief set, then the adoption....still in the understanding stage for many....

I agree. Make money fast was hooking the people, now that it has settled people are asking, well what is it? what happened? The Public is now aware of it and trying to make sense of it all and how it can benefit us tech / future. 

[Mahyar + 16]

Bitcoin is definitely one thing I don’t understand.  I always thought the currency of a country, or the amount of cash in circulation, is backed by some resource, such as gold and oil, owned by the central bank of that country.  And that the value of that currency changes based on the economy of that country (inflation, GDP, employment etc.).  I don’t understand who or what sets the value of bitcoin.  It seems to work like a stock of a company, but I can’t figure out how.