I shared about hedging gold against bitcoin in my previous post. The October bitcoin rally just completed right in November. So now there is an apparent new price hovering between usd7.1k and usd7.4k.
If the price remains resilient for another few days at this range, I will probably make a call - buy in more and wait for another round of rally.
My two cents;
We have seen news of China and Russia change their stance on bitcoin and willing to consider regulating the industry, in which, I think it is good news.
Now, in recent development, we are seeing Iran making huge commitment to develop infrastructure for bitcoin industry. So why? The American has sanctioned trade with Iran and has placed pressures on others to do the same. Iran, won't last too long without trade, has to rely on an independent trade facility such as the decentralised currency in order to facilitate trade. This is a breakthrough.
We are expecting a massive growth of confidence on the digital currency from the middle east and further impact on such inefficiencies from G2G policies will surely spike up the bitcoin price.
Bit-Bull for this week or next week!
Next coming up "Are we ready for Xmas - bitcoin up or down?>quote