Crypto Talk #3 Is Bitcoin regime coming to an end?

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The cryptocurrency which rose to a value of nearly $20k for the year ending 2017 has now reached an all-time low of $6190. And the market speculators look upon a further drop in its value.

Bitcoin, as you are well aware of, has been the lead runner in the cryptocurrency market with its value increasing 25 fold in a single year. And yet the beginning of this year did not seem to go well with this market leader. There have been several rumors on the Tether, another token on the blockchain of Bitcoin, looking to boost up Bitcoin value without actually having any in real. Of course, the budget session of India, with the finance minister’s address did not do any good either.

India on Bitcoin:

While the Indian finance minister did not directly denote that Bitcoin or any other cryptocurrency is illegal, thanks to the media interpretation, it was widely believed otherwise. What the finance minister did indicate was that the unlawful activities using Cryptocurrencies would be banned.

By the time the words of the finance minister were clarified, the Bitcoin has already hit a low. Of course, the point that was made here, or preferably not made by the finance minister was on the legality of these Cryptocurrencies. This has further led to the speculations on a possible ban in future.

Continuous clampdowns across the globe:

It was not just India though. There have been several clampdowns and alarms raised across the world which has led to this drop down in Bitcoin value. It is not only the Bitcoin either; every other Alt coins have suffered a setback with the recent crackdowns by different governments like Russia, South Korea, and China.

Japan has also raided a virtual exchange of cryptocurrency after the company lost about $530milion in hacking. In fact, Japan along with the USA and Europe’s central bank has openly raised their concerns regarding these currencies.

Many leading commercial and global banks like Citibank, JP Morgan Chase, Bank of America, have quoted that they will not allow Bitcoin purchase through credit cards. The most substantial bank of Britain, Lloyds has also banned the use of their credit cards for buying these Cryptocurrencies.

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China has already cracked down on these Cryptocurrencies by scraping them entirely from the social media and other networks within the country. The country has used the Great Firewall of China to remove access to any websites on crypto exchange and also scrapped all media searches and other adverts on Cryptocurrencies as well. This could spell a lot of trouble to Bitcoin as China happens to mine ¾ of these currencies, especially Bitcoin.

This is not all though! Even social media networks have joined the bloodbath, with Facebook banning any pages or advertisements on virtual currency on their platform.

Is this the end of Bitcoin?

While the regulatory authorities across the world are gearing up to check the cause and effects of Bitcoin and other Cryptocurrencies, there is a fear rippling through the investors of this currency and others of the same type. However, it is to be noted that Bitcoin did undergo a similar plunge when its value was only $1k, and it dipped down to 300.

But it managed to rise again. And yet you will find some predicting that this is the beginning of the end for Bitcoin.

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