Sunday, 4 June 2017

'Bitcoin Changed From Risky to Safe Investment' - Hong Kong-based Bitcoin exchange

Thomas Glucksmann, head of marketing at Hong Kong-based Bitcoin exchange Gatecoin, believes that the general public image of Bitcoin has transformed from the risky to safe investment.
Within an interview, Glucksmann said:
“It's funny how the complete narrative of bitcoin being risky or dangerous has changed, and it's now regarded as an application of pride to regulate and embrace it.”

Gaining more and more recognition

In the last year, six countries including Malta, Japan, Australia, China, the Philippines and South Korea have addressed the regulatory issues surrounding Bitcoin. Some countries have officially recognized Bitcoin as a legal currency while others have described Bitcoin as a payment network and remittance method.
A significant component which is often present in the regulatory frameworks created for Bitcoin by the six above mentioned countries could be the efforts of governments to help relieve and simplify the procedure of using, trading and establishing a small business around Bitcoin and digital currencies.
Of late, Australia removed double taxation on Bitcoin after realizing that heavy taxation and overly complex policies imposed on Bitcoin resulted in a decline in the Australian digital currency industry and its businesses.

The legalization and regulation of Bitcoin acted as driving factors behind the increasing demand for Bitcoin. Clarification on the legality of Bitcoin further validated the legitimacy of Bitcoin as an electronic digital currency and asset.

In addition to the recognition of governments and central banks across the entire world, Bitcoin in addition has earned the description “digital gold” and “safe haven asset” since it outperformed major assets, markets and currencies time and time again.

Bitcoin's still standing, always

Despite several major and minor price corrections, Bitcoin always were able to bounce back and recover. As reported previously by Cointelegraph, RT's Max Keiser introduced a graph which accurately depicts the purchase price trend of Bitcoin in the last few years. Although there were some bubbles and market corrections, Bitcoin price always recovered to an area greater than its previous surge.
Above all, Bitcoin as a secure haven asset has recorded a solid performance for all investors, especially amid economic uncertainty and market instability. As an example, on June 2, once the US jobs report rattled stock markets, Bitcoin remained stable and actually recorded a rise in value.

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