Bitcoin is Getting More State Acceptance
2017 will forever be remembered as the year in which Bitcoin spearheading the cryptocurrency industry as a whole forced itself through the door and made everyone of note, take notice of its arrival to the mainstream. The Alpha cryptocurrency despite recent shakes has been able to sustain an over 1500% gain on its price from the beginning of this year, with the overall market growing over 10 times as a whole.
The surge of 2017 has also been despite the fact that Bitcoin and the whole industry had been a target of some key attacks, notably by the JP Morgan CEO Jamie Dimon who labeled Bitcoin as an outright fraud, while the Chinese government banned all ICOs within its mainland territory while forcing its biggest exchanges to relocate to Hong Kong. It would seem the industry is finally reaching its age of maturity as it resolutely bore both attacks and came back stronger than ever after an intermittent dip in value.
It would seem that this resilience shown by Bitcoin and the cryptocurrency market as a whole is paying off as the government of Belarus has just announced that it was going to not only allow the free exchange and use of Cryptocurrencies, but that it is also going to give incentives to blockchain related tech startups to reside in the country and do business.
Making the announcement, the official Belarusian news agency said that the President Alexander Lukashenko signed the degree on 22 December, which will hopefully help in seeing a flowing of blockchain related startups to the country that will aid the country boost its foreign investment credibility as a whole.
Belarus’ announcement comes fresh off the back of Japan’s decision to recognize Bitcoin as a means of payment for goods and services within its territory. The news of both countries adopting this rather controversial industry is a sign of softening of stance by authorities worldwide who fear that the industry is going to usher unprecedented disruptions that were going to shake their economies and siphon away precious liquidity from the banking and other traditional economic sectors.
The fact that this announcement are coming just after a week of crisis that saw Bitcoin especially lose almost a third of its value before recovering will give a timely boost to the industry as a whole and give fresh hope that the dreaded epic battle between states and the cryptocurrency markets will not materialize after all.
Bitcoin is the first of all the cryptocurrencies in the world, which pioneered the use of the blockchain technology, an innovation so great that even central banks around the world are considering using it as the backbone of securing their systems. Bitcoin has witnessed a meteoric rise in 2017 and it doesn’t really look like it will be stopping anytime soon. The future of the cryptocurrency might not be accurately predicted by anyone but the fact that countries are now showing a more lenient approach to the whole industry is a good sign that it is here to stay with us for a very long time to come.