The First Good News In Weeks

After weeks of what seemed to be an endless plummet into the depths from which it came, bitcoin has turned around... at least for now. At the moment of publishing this article BTC is about $7860 after going below $6000 last night.

Depsite all the negative news as of late, many people are taking the news from the hearing as "ok" news. It's definitely not negative news and it makes sense why it has sparked a bit of buying.

One Of The More Positive Quotes

"“As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response.”"

Article Source -- https://cointelegraph.com/news/sec-and-cftc-hearing-more-legitimate-icos-or-if-there-was-no-bitcoin-there-would-be-no-blockchain

My Thoughts

Not everything that was said today was good news, well that really depends on what your opinion is. More regulation could be coming. Some believe that is a good thing, and some people believe that the lack of regulation is the reason people have been able to make large gains. The truth is that there was a bit of an undertone of concern for the consumer during this hearing. Now whether or not you believe they have the consumer in mind versus the banks is a whole other issue. In the end nobody wants people to be getting scammed and losing their hard earned money and without regulation it is going to keep happening. The problem is, how do you regulation a global "asset" or "currency" without a global government to enforce it? Each country would have to have their own regulations and that would create simple loopholes for people. Personally, I have lost thousands of dollars to scams over the years and recently have lost quite a bit in ICOs, which is something the hearing seemed optimistic about.

Conclusion

This has been the largest spike in price in the recent weeks and hopefully it's the beginning of a trend reversal. There has been much FUD in the recent weeks sourrounding crypto but in my opinion bitcoin is not going to die quite yet as many doom and gloomers report on the television. So much capital has already been invested into systems and businesses preparing for crypto. Maybe eventually bitcoin might die and we might see a new "crypto king". But for now bitcoin still stands. Errr, at least kneels.

Thanks for reading!