Reporting from Bitcoinist, bitcoin seems to start a correction from a rally that has increased its value to almost 270% from the initial price of the year. The big names of mainstream media dedicate greater space to BTC and other crypto currencies, because crypto "winter" has melted. In recent Bloomberg opinion, they finally admitted that "crypto is here to stay." The report went on to suspect that the recent US-China trade war might have something to do with bitcoin's epic rise, but it has been volatile for several months last one.
The report also added that China would not liberalize and continue to control its capital. This may be a factor that encourages people to use bitcoin, which is technically still banned in the country. The second reason Bloomberg thinks is that bitcoin is here today has to do with harsh tax laws in the US. With the wealth tax proposed by the US government, wealthy people will look for shops overseas whose value is untouched by the US government, and BTC is very suitable. Facebook's Libra project was also cited as a driver of bitcoin.
Naturally, a billionaire and a group of US technology monopolies that control global currencies are not good scenarios, but Facebook will introduce the concept of crypto transfer to millions of people who might not have tried before. Increasing populism (a notion that recognizes and upholds the rights, wisdom and primacy of the small people) and an increase in geopolitical and economic tensions around the world can encourage people to seek "hedging" on their highly manipulated fiat currencies. Again, bitcoin is a clear solution. Gold prices are a clear example of this because they have reached a six-year high because the greenback has fallen in value across the planet.
What Bitcoinist writers don't add is the increasing interest from institutional investors. Large investment companies such as Fidelity and Grayscale have just started, and Bakkt is also on its way to providing a safe way to enter this crypto world. Funds will be loaded in bitcoin and crypto to provide liquidity and competitive products for their institutional clients. This article also reiterates that financial space is changing and crypto will be a very big part in the future and this will be proven in the near future because the development of cryptocurrency in the world is currently growing rapidly.