The cryptocurrency market’s sudden upswing has caught the eyes of a lot of major players in the industry with some even speculating the start of a new bull run. The run-up was kick-started by Bitcoin [BTC] breaking its monotonous hold below the $4000 mark and settling above it.
Market speculators believe that the price of Bitcoin is going to shatter all expectations and spike upwards soon, some remarking that the bull run has not even begun and the current market is just the tip of the iceberg.
The reason is speculated to be the involvement of the United States government as one of the main reasons for the expected price surge. Along with this, the entry of institutional investors this coming year has also stirred up the space, with several stating that it will open up the doors for the long-awaited approval of a Bitcoin ETF.
Moreover, Bitcoin Fund Manager, a Youtuber made some sticking revelations in his latest video, wherein he stated that there are two major reasons for Bitcoin’s expected explosion:
The United States Congress is proposing a bill where a holder or a user will not be taxed for partaking in cryptocurrency trade. The members in the governing body are planning to push a bill that will convert Bitcoin into a stock/commodity rather than just plain money. This will enable holders to conduct more transactions that involve trade without the burden of heavy tax payoffs.Another reason that was given for the Bitcoin’s price blow up brought in the New York Stock Exchange, the largest stock exchange in the world, into the picture. Sources close to the exchange have stated that the NYSE is being cautious with their new project involving cryptocurrencies.
The involvement of the largest stock exchange on the planet is critical because of rumors circulating in the cryptoverse about Bakkt pushing for Bitcoin backed settlement.
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