Just in case you needed a morale boost!
Sure there is a lot of different news out there regarding where the price is going whether it be the halving in May, the Simpsons promoting crypto, or Coronavirus fears.
All that news is repetitive and debatable though! Where is the juicy stuff you might ask?
Now in no way can anyone ever know for sure which way a price is going to move. However, many people including myself make bold claims.
So far so good in my recent predictions where Tezos skyrocketed, Crypto.com's success happened, and more recently beginner day-trading for me proved to be successful!
A crowning moment was how accurate my predictions were when it came to the US Government and Bitcoin. Still, I sense uncertainty from people that I also had many moons ago.
Which starts us off with our 1st reason why Bitcoin is still at the beginning stages of being bullish.
1. Bitcoin Officially Unbannable
Ten years in the making and still going, Bitcoin has come under abuse, scrutiny and extreme pressure. The biggest of these being government acceptance of the currency. Fears that all cryptocurrency would be confiscated and/or banned has all to often been the reason why many investors pull the Bitcoin plug on their assets.
Bitcoin cannot be banned!
I know I have said this for months! However, now that people can see it in the news I think I should refrain from saying "See! I told you so!"
That's right! The US Government, as well as China, Japan, Australia, and many other countries, have come together to offer their support of blockchain and digital currencies as a whole. Whitepapers, legal dealings, and many other regulatory type actions have taken place to prove this too. No longer do we live in the days of fear and one of the biggest weights ever has been lifted off of Bitcoin's metaphorical shoulders.
Truly a milestone victory for bitcoin that means the end of a lot of uncertainty for a lot of wealthy people looking to get their feet wet. Bitcoin is likely getting their Welcome matt ready ;)
2. Tax Returns
Forget about this one already? I hope not! If you are living in the US you know that it's Tax Season. The DIY tax advertisements are being crammed down throats everywhere.
This really breaks down into two really awesome signs that Bitcoin is about to keep going somewhere special.
The first one we may have already heard about is the fact that the IRS is asking people on taxes if they bought cryptocurrency last year. A question that probably scared many! For some, all that meant was that the US Government is finally planting that seed so-to-speak. By simply even mentioning cryptocurrency to the masses in this form means that they have given the okay for thousands of people who were not even going to even consider Bitcoin if it wasn't traditionally taxed.
The second reason somehow ended up being a lot more interesting simply because I think everyone right now is sort of forgetting what tax returns mean. Tax returns mean people either owe money or they get some money back! Since the goal every year for most people is to get that back and since every single person has to file by April 15th. Within 21 days of filing most people will get a nice chunk of change to pump into the economy. If even 1% of everyone's tax returns get pumped into bitcoin this season then we will easily stay bullish at the very least.
Stated on the IRS website (link here) in 2018 the total amount given back to taxpayers was $464 billion USD last year. Now take that 1% I so frugally predicted and that's a whopping $4.64 million dollars that would go into the Market Cap for Bitcoin. Just enough to feel like a whale has beached!
https://www.irs.gov/statistics/returns-filed-taxes-collected-and-refunds-issued
Personally, I will be taking my tax return to do some investing because the way I sees it. This bull run is and was inevitable!
(Source: https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/)
3. New Wallets Galore
Just take a look at the number of wallets that have been created over time. Not only has it continued to rise, but it shows that by the end of 2019 we saw a total of 46 million different wallets. Of those 46 million only 5% are US investors which means there is still helluva lot of room for people to get in before it is too late.
https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/
Statistics for this year are tough to read and yes we do have to remember that most people have multiple wallets. Interestingly enough though, the first quarter of 2020 is almost halfway over already and the amount of signups that have happened just in January alone should show obvious signs that a lot of new people jumped on board to learn the ways of cryptocurrency.
On top of that, these wallets that people have been signing up for have gained a lot of huge benefits thanks mostly to the government's acceptance and regulation of the industry. More offers are on the way from many big respectable names such as Coinbase or Binance. The more these wallets provide additional benefits, the more it will invite people to adopt.
Bitcoin is currently at $9600 during the time of this writing and is being watched very closely by a lot of new and returning individuals. It is a scary time for new investors to want to buy since typically rises in price this high normally mean a return back to ultra-lows. Unfortunately though, for many who assume it is too late. The days of buying in the 8k range are likely long gone and won't return until later this year. We will always keep watch just in case but so far, so good my bitcoin friends.
I hope you enjoyed and thank you for reading!
