Bitcoin Brakingout coming soon
Tom explains that mining bitcoin and network effect is what is driving the price of bitcoin. If you are not familiar with the network affect Metcalfe’s law I will post another blog below explaining. He has determined that the Merging markets are impacting bitcoin’s price with hedge funds risk off this impacts the price of bitcoin and wealth effect also impacts purchasing power of Bitcoin when other countries are seeing a sharp declined in there markets they have less buying power to buy bitcoin.
We are now seeing more trading in the United States in 2018 for the first time. Bitmix has attracted hedge funds to the market place. This also shouldn’t be to no surprise that all the new analyst they are hiring are just out of college and this is the generation that is very comfortable with crypto and Bitcoin and will be the driving forces to having this implemented. The custody issue should be resolved by November when the NYSE brings online BAKKT.