171017 Good For Bitcoin vs. Bad For Bitcoin

Screen Shot 2017-10-18 at 9.37.48 AMThe big question on everyone’s mind is will Bitcoin succeed or fail.  If it rises to $100,000 per Bitcoin, as Jamie Dimon says it might, then crashes and burns, even if that should take five years, that would be considered a failure.  On the other hand, if it succeeds by fundamentally transforming the banking industry, as well as the rest of the financial sector, it will be invaluable and last forever.  How are we to know in which direction it’s headed?

Good for Bitcoin

  • Regulatory agencies assert their oversight on Bitcoin — It didn’t take long for the regulatory agents in the U.S. to begin asserting themselves into everything Bitcoin.  Both the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission said that Bitcoin would fall under their oversight.  The news affected the price of Bitcoin adversely and immediately.  However, the fallout was a little larger than -5%.  This seems reasonable and to be expected, yet small by comparison.

Bad For Bitcoin

  • Regulatory agencies assert their oversight on Bitcoin — It didn’t take long for the regulatory agents in the U.S. to begin asserting themselves into everything Bitcoin.  Both the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission said that Bitcoin would fall under their oversight.  The news affected the price of Bitcoin adversely and immediately.  However, the fallout was a little larger than -5%.  This seems reasonable and to be expected, yet small by comparison.