The Saga of Bitcoin Continues: Japan in Focus

Posted by Terrance Wyatt on

Today's blog post concerns a major development in the world of digital currencies. Bitcoin which is the largest digital cryptocurrency in world with a global market capitalization of over $19 billion has been in the news and seen more than the usual price volatility lately (You can read about some of this in my earlier blog post here).

However, this past week a major milestone was met in regards to Bitcoin being accepted by even more of the mainstream public and global financial banking system as it along with other cryptocurrencies were officially recognized by the Japanese Government as a legal form of payment. Japan being the 3rd largest economy in the world in terms of Gross Domestic Product (GDP) as of 2016 has overnight given Bitcoin the opportunity to be accepted in over a quarter of a million stores and retail locations across Japan. This has definitely renewed faith in the promise and long term viability of Bitcoin and other digital currencies. Bitcoin has already surged nearly 14% in price in the last week alone in response to this announcement.

Bitcoin as an asset class and the technological blockchain ledger system behind it have the potential and current traction to totally disrupt markets and industries alike forever in the next decade. However, you may not be aware there are currently more than 700+ different cryptocurrencies in existence with various revolutionary technologies behind them representing more than $27 billion dollars in value globally. 

So in case you didn't know by now digital currencies are no longer just a fad or simply some black market medium of exchange for illicit goods and/or services on the internet. They are the future - a future that will be reality sooner rather than later - whether you want to believe it or not. So I suggest you get up to speed ASAP. (I explain digital and cryptocurrencies in detail in lecture 23 of the No Bull Investing Course for Financial Freedom.)

Let me know your thoughts and comments on  Bitcoin along with other cryptocurrencies in comments below.

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