The FUTURE of BITCOIN

Bitcoin seems to have recovered from China's attempt to shut it down.

On 12 September 2017, Jamie Dimon, CEO of JP Morgan Chase, called bitcoin a "fraud" and said he would fire anyone in his firm caught trading it.

Despite both these things, Bitcoin soared past the $8000 mark this week. It's highest ever.

It's possible that due to the launch of Bitcoin futures and Bitcoin ETFs we might see more gains in the price of Bitcoin and all major cryptocurrencies.

The market has reacted well to all the news and it is clear that there are new adopters on a daily basis. Not only will futures and ETFs help attract new interest, but it is clear that many firms have done a good job of making Bitcoin (and other cryptocurrencies) more accessible.

Something that is of concern is the proliferation of cryptocurrencies.

Within Bitcoin you have the 'forks' that are creating potentially new paths.

Then you have not only the existing 'major' cryptocurrencies like Ethereum , but it seems like there are new cryptocurrency launches on a daily basis, ranging from WhopperCoin to stories about Banks attempting to create their own cryptocurrencies.

Right now, the launches and the 'buzz' they are generating seems to have helped propel Bitcoin higher.

Can that continue, or will buyers get nervous that the market is too fragmented, which might limit the commercial value of any particular cryptocurrency, or worse, will the market get concerned that it is too easy to create ICO's and that is a sign of a bubble building?

The growing adoption rate will outweigh those concerns, but for those calling it a bubble - the list of bubble-like behavior is increasing.