Photo Credits: Jacob Fountain
We officially get off the 3rd quarter (Q3) of 2018 with some cheering news and some eye catching price action on Bitcoin(BTC) over the weekend that lifted the general market. If you miss some of important news to get Q3 on the way, here it is:
- Coinbase custody was officially launch for institutions in US and Europe with Asian market later on in the year. https://blog.coinbase.com/coinbase-custody-is-officially-open-for-business-182c297d65d9
- BTCC trading platform in China is relaunching. If you remember before China took the U-turn they were part of the "Big Three" in China. As I have said before, its a matter of time and not if, China would relax its ban.
- Securities firms in Thailand are planning to jointly launch a new cryptocurrency exchange. This is just part of the bigger picture, other Asian countries are creating Economic Zones to foster growth and development of the ecosystem.
- Bermuda government expecting to put draft proposal to help legitimize and foster growth of cryptocurrency commerce on the island. I have taken special interest in Bermuda, the Premier and Minister of Finance The Hon. E. David Burt is leading the charge with regard to fostering an open and friendly approach toward cryptocurrency in the Caribbean. With him at the Head, Bermuda could have some of the world most competitive and friendly regulation and Q3 onward would be very interesting as he leads the charge. It could very well be a race of Malta vs. Bermuda.
Looking at the current price of Bitcoin, roughly 6610 without adding to much technical details and stating a narrative I like to remind folks, it only took Bitcoin 5 weeks and half from this current price to top off 20,000.00 and only 3 weeks from 9000.00 to top off 20,000.00.
Much of Bitcoin rally and enthusiasm has been retail driven and as we start Q3 we now have an exchange with solid reputation providing custodian solution to institution whose spending can rock this market. Let's not forget the last part of 2017, China was close off from the market and signs are shining that could soon change.
Another bull case for Q3, probably Q4 would be ETF backed by actual BTC giving those who cannot handle the volatility the opportunity to benefit from the market.
Its a matter of being patient in this market, you are being paid to be patient as fundamentals and economics of today's financial market play out, BTC continues to shine.
Photo Credits: Zer0hedge
As Q3 unfolds what are your price target?
We are certain of 1 variable, 21 million BTC with innovation and solution like those listed above that can only make this market more attractive.
Are you patient enough given today's financial realities
Photo Credits: Money School
Photo Credits: Business Insider UK
Photo Credits: Armstrong economics
Keep your eyes on the prize, its turning out to be an oxymoron when people point out that their money is safe in the bank and is government insured. I wonder if they know how much of their bank's or government debt is toxic and like the folks in Greece would have found, yep, it could be wipe pretty fast. Or the folks in Zimbabwe and Venezuela who face the perils of hyperinflation. It won't end there, many countries are simply riding it out, hoping for better times. So take action, secure your financial future, embrace the volatility of our consensus financial system.