Is Bitcoin the Currency of the Future?

Despite the fact that Bitcoin is nowhere near its near $20,000 high last December 2017, Twitter Founder Jack Dorsey still insists that “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin..probably over ten years, but it could go faster.”

He expects Bitcoin to be used for simple things from the food that we eat to buying small items online. Dorsey is a personal investor in Bitcoin. Aside from being a Bitcoin investor, Dorsey is a startup in Lightning Lab which is a technology that is being developed in order to provide faster transactions for Bitcoin and allowing it to be used easily.

He mentioned to Times that Bitcoin is “slow and it’s costly, but as more and more people have it, those things go away”.

Politicians Embracing Bitcoin?

Is Dorsey saying the right thing? Recently, two Queensland legislators publicly declared their cryptocurrency trading history. The register of member’s interest should include all properties and other assets of the members of the Parliament. Newly elected Katter’s Australian Party Member Nick Damatto listed Bitcoin among his asset.

Nick Damatto, in an interview with Fairfax media, mentioned that he first bought his Bitcoin around October of 2017. It was able to reach a peak of AUD 60,000 from AUD 5,000.

He mentioned that “It think it’s worth about $20,000 Australian at the moment, which I think is a good investment, but it’s not at the heights it was at before”.

Labor MP Bart Melish also declared to having Bitcoin. In addition to this, Rob Pyne who was a former independent candidate who also served as a representative from Cairns is now crypto guru and a full-time cryptocurrency trader.

Australia’s Pro Crypto-Tech Stance

Despite the many regulators in different parts of the world that are going after crypto activity, Australia has been able to provide a positive climate for crypto investors. In May 2017, the Australian government made an announcement supporting Bitcoin investors saying that it would end double taxing on cryptos. Until July 2017, digital currency investors were being charged GST upon the purchase of the currency and then again when it has been exchanged for goods or services.

Bitcoin Price

However, despite Dorsey’s belief that Bitcoin will someday be the world’s only currency, it is true that Bitcoin has been struggling especially during the first quarter of 2018. This week, Bitcoin has been trading sideways and experts even believe that a drop towards $8,000 might be on the way.

Though Bitcoin was able to peep to $9,000 on March 20, the $9,200 resistance has proven to be harder to penetrate. And if you will look at the bearish chart signals, it suggests that a drop in the price is likely for Bitcoin.

Though the future of cryptocurrency is uncertain at this point, it is true that it seems that there are still a lot of interested companies regarding blockchain technology. And though Bitcoin has suffered bearish trends, it might still be far from over for Bitcoin. But could it really be the currency of the future?