How Bitcoin Could Eventually Replace $1 Trillion In Bank Notes (BTC)

It's no coincidence that the rally we're viewing right now started out soon after Duty Day. Many bitcoin and altcoin traders likely liquidated a few of their holdings prior to the filing deadline to hide capital gains fees from this past year and are actually getting back to the trade. Month-to-date by Apr 27, bitcoin was up more than 33 percent.

As I see it, these are huge steps for the crypto market to take on its path to full maturation and acceptance as an asset class. We’re still in the very early stages, and recent calls that “bitcoin is dead,” not to mention general negativity toward bitcoin in the media, are strikingly premature.

I’m bullish, but I don’t expect bitcoin to test $20,000 again in the short term, especially before July. That’s when G20 finance ministers are scheduled to present their recommendations on how cryptocurrencies should be regulated.

More and More Smart Money Flowing into Cryptocurrency and Blockchain Tech
As I’ve said before, I don’t necessarily see regulation as a major headwind to cryptocurrencies, so long as it’s fair and reasonable. Such rules might even spur some investors, who until now have been watching from the sidelines, to participate.

That includes hedge funds, financial firms and other large institutional investors. A recent Thomson Reuters survey found that one in five firms are planning to trade altcoins this year. Of those, about 70 percent said they would do so in the next three to six months. Clearly, an increasing number of big investors see cryptocurrencies as an opportunity too good to pass up.

More and more money from venture capital firms is also being plowed into startups focused on cryptocurrency and blockchain technology.