Square, a digital payments firm recently won a patent for a payment network that allows merchants to accept payments in bitcoin and othercryptocurrencies. This is among the recent events that prove increased bitcoin adoption that has seen the coin’s price experience more gains despite negative predictions by Jordan Belfort.
In a series of interviews with CNBC, Jordan Belfort, whose crimes formed the plot of the Hollywood film, the wolf of wall street, stated that bitcoin could be worthless by the end of 2018 and that it will be “the bust heard around the world” when it happens. Additionally, Jordan stated that people have been brainwashed since the cryptocurrency is going to evaporate like a mirage. Thus, a lot of honest people will be slaughtered.
Nonetheless, his prediction seems to be perceived as hot air by many, owing to the recently increased bitcoin adoption in multiple industries. For instance, Square recently won a patent for an application that allows merchants to accept cryptocurrencies alongside conventional payment methods and cash out in their currency choice. The firm already has tremendous market penetration, thus adding cryptocurrency payments to its present POS system would allow millions of merchants to accept bitcoin without having to onboard to another payment processor.
Additionally, Yahoo Finance recently integrated trading with Bitcoin, Ethereum, and Litecoin on its trading platform. This is another key step forward for bitcoin adoption, which may see the digital coin experience impressive gains by the end of 2018. Further, the adoptions have had some impact on the coin’s price, going by the recent price movements. According to the daily chart, the 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. In other words, a reversal is more likely to take place than the opposite.
Would you agree with Jordan’s comments that bitcoin is a mirage? If not, how would you support your argument?
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