Big boys see the potential of Bitcoin

In under a year Bitcoin has gone 20 fold! Even since September, when I took the gamble, it has almost tripled. This kind of fluctuation and value is finally starting to attract the big financial players.

For example, John McAfee, the cyber security expert who founded McAfee has stated that he would be surprised if it did not surpass $1 million by 2020. At the rate that it Bitcoin and other cryptocurrencies like Ethereum are growing in value, it may not be so silly after all.

However, it would require more backing and acceptance that even Bitcoin may not be capable of. On the other hand, there are rumours that Amazon may start accepting Bitcoin, which would only cause the value to rocket. With ludicrous deals such as people accepting Bitcoin for payments toward houses and other products, I would not bet against Bitcoin reaching the hundreds of thousands in the next year or two. I am anticipating a huge spike in value soon.

Conversely, Bitcoin is starting to be recognised by authorities as a currency that works around the system by avoiding tax and VAT. In California they have announced that holders of cryptocurrencies must announce this as a an asset. Could this potentially happen around the world and will it have an impact on the value of these cryptocurrencies?