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QUICK TAKE: Bitcoin Rally Based on Confidence
Traders Magazine Online News, July 2, 2019
Booyah for Bitcoin.
The world’s most famous cryptocurrency continues to garner investor interest following last week’s announcement by Facebook that it was announcing its own stablecoin cryptocurrency Libra and Libra network.
Christel Quek, Chief Commercial Officer, Co-Founder at BOLT.Global said that there is newfound confidence in the crypto universe now that behemoth Facebook has entered the space and lifted all currencies.
“Bitcoin has settled well above $10,500 and is close to solidifying in the $11,000 figures, as investors once again scrambled into crypto assets propelled by newfound confidence in digital currencies thanks to Facebook’s entry in the space,” Quek told Traders Magazine. “Investors are scrambling back into crypto assets such as bitcoin and other alternate tokens, over optimism that they are becoming widely accepted and adopted by mainstream entities. Facebook’s entry into the crypto space perhaps signifies the biggest network potential for digital currencies, capable of reaching into billions, and therefore indicates an upcoming shift in mainstream finance.”
This positive sentiment has also helped other alternative currencies including litecoin, ethereum and the BOLT token, he added.
“At BOLT, we are encouraged by the market responses and Facebook's entry into the crypto currency space,” Quek said. “This may see further revival and growth of digital tokens this year, as more developments emerge. I wouldn’t discount a degree of volatility of course, as hobbyist investors engage in profit taking and perhaps governments attempt to legislate digital finance.”
Furthermore, he noted that with this new frenzy around Facebook and crypto that governments and regulators would be sure to enter the market and possibly legislate it or regulate it – prompting more interest in the sector as it sheds the “Wild West” reputation it has earned sofar.
“Governments this time will likely be favourable to digital currencies as they now understand that this is the future of finance - their utility is founded on legitimate operational models seeking to empower users and is backed by mainstream industry and businesses,” Quek said.”
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