Bitcoin Continues Its Steep Upward Curve

Martin Green

Monday, April 23, 2018 11:44 AM UTC

Monday, Apr. 23, 2018 11:44 AM UTC

Bitcoin’s value has hit a four week high as it continues to rebound following the end of the US tax season.

Bitcoin’s value has hit a four week high as it continues to rebound following the end of the US tax season. It has been steadily rising since April 12, and this past week it broke back through the $9,000 barrier, sparking declarations of confidence from bullish investors. It is up 34% from its April 1 lows, and market capitalization has hit of $152 billion. The US tax deadline passed on April 17, so any tax loss selling – or fears of tax loss selling – is now firmly in the rearview mirror, driving confidence into the market. Various altcoins are also soaring and the movement’s credibility grows and it becomes more widely accepted.

EOS grew 106% to become the fifth largest cryptocurrency, overtaking Litecoin, while Ethereum has also rallied. But Bitcoin remains the dominant player in the market, and it is the most popular cryptocurrency for sports betting, with many Bitcoin-only sportsbooks springing up and various leading names putting Bitcoin at the center of their strategies. Any sports bettors using Bitcoin and holding onto it would have enjoyed a profitable month. Normally, it is advisable to bet in Bitcoin – taking advantages of its speed, anonymity and user friendliness – and then quickly convert your winning back into a fiat currency like dollars or euros. These are much more stable, so there is no real risk of your winning margins taking a battering. But some sports bettors may now be tempted to hold onto their Bitcoin as it continues on its steep upward curve.

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My son lost a tooth and the hipster tooth fairy left a fucking Bitcoin. Now my son won’t stop telling me about it.

— devon sawa (@DevonESawa) April 22, 2018
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As you can see, Bitcoin is growing so popular it has even infiltrated the tooth fairy’s operations. More and more retailers are using it, and the watershed moment is expected to come when Starbucks starts accepting it as payment for coffee. Bitcoin enjoyed a remarkable year in 2017, growing 2000% to go past the $20,000 mark. It was trading at around $17,000 at the start of 2018. But then a crash saw it drop below $6,000 amid regulatory fears, doom-laden warnings about it being a bubble set to burst and a mass sell off from investors.

Yet some experts are buoyed by its recent performance and predict a return to the heights seen last year. “I believe that we will see a comeback to the height achieved at the end of 2017 this year,” said Olga Feldmeier, chief executive at fintech firm Smart Valor. “Over the next two years I still predict we could see it reach a value of $100,000.” Meanwhile, Silicon Valley investor Tim Draper expects Bitcoin’s value to reach a massive $250,000 by 2022. “In five years, if you try to use fiat currency they will laugh at you,” he said. “Bitcoin and other cryptocurrencies will be so relevant that there will be no reason to have the fiat currencies.”

That is a remarkably bold statement, but it is not beyond the realms of possibility in a world that is increasingly dominated by technology. Bitcoin has many advantages over fiat currencies – it is easy to use, it does not require as many hidden costs and handling fees, it is a truly international currency that bypasses geographical borders – and that is why it is so popular among sports bettors. There is always the fear of a regulatory clampdown from governments across the world as it becomes more ubiquitous, but that could actually strengthen its position in the long-term as it becomes more legitimized. However, for the time being it is always advisable to proceed with caution as Bitcoin and altcoins are highly speculative, at the whims of all manner of global markets and susceptible to wild daily fluctuations.

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