The past week’s steady increase in the price of Bitcoin certainly lifted some spirits. Profits were made and for a short while, no one was calling Bitcoin a ‘scam’. However, Sunday afternoon Bitcoin’s price dropped with about 11% and now Warren Buffet is calling Bitcoin a scam again. In the same vein, Buffet thinks blockchain is ingenious. All that is left to do now is to wait for Bitcoin to reach $4 000 again. In the meantime, we made a list of the three upcoming Bitcoin bull market catalysts to watch out for.
Three upcoming Bitcoin bull market catalysts:
Bakkt is a product that will give retailers and institutional investors easy access to cryptocurrencies on a global scale. They will be able to sell, buy and store cryptos within a regulated environment. It is said to be a game changer.
It is owned by the Intercontinental Exchange (ICE) that falls under the New York Stock Exchange. Crypto enthusiasts are eagerly awaiting Bakkt since the New York Stock Exchange has a total market cap of more than $30 trillion. This could mean big money coming into the crypto space.
Bakkt is said to be launched ‘sometime in late 2019’.
Read Bitmart’s blog ‘Breaking down Bakkt’.
Fidelity Crypto Trading Platform
The Fidelity Crypto Trading Platform will provide custodial crypto services. This means it will be easier for institutional investors to store funds using cryptos. The crypto industry is known to be extremely volatile and subject to drastic price fluctuations.
The company announced that 5% of their total assets will be stored in cryptos. This means that more than $340 billion will go into the crypto market.
The Fidelity Crypto Trading Platform will be launched in March 2019.
2020 Bitcoin Halving
Every four years a Bitcoin halving occurs. The next one is set for 2020. A Bitcoin halving is when Bitcoin mining rewards are cut into half. It is aimed at increasing scarcity and reducing inflation.
In the past, Bitcoin halving came with a fat price increase. During the halving of 2012, bitcoin went from $13 to $238. In 2016, the price went from $177 to $648. Who knows what the 2020 event could bring.
In other news
This has been an exciting week for cryptos and technological adoption. Samsung unveiled their new phone that comes with a built-in private key storage. Mark Zuckerberg from Facebook has again emphasized they are looking at utilizing blockchain technology. Twitter also stated they would be accepting tips in Bitcoin via the new browser extension that works with the Lightning Network. Elon Musk has also made headlines with his statement that Bitcoin is better than paper money.
All in all, there are a lot of interesting things happening in the crypto space right now and 2019 is sure to be an exciting year.