Trader outlines prospects for bitcoin price growth

Bitcoin is more like an instrument of barter, the use of which carries a high risk, than the "evolved" money. This was stated by the head of the Bank of Mexico, Alejandro Diaz de Leon, reports Reuters.

"When someone receives bitcoin in exchange for a good or a service, we believe that this [transaction] is more like barter. A person exchanges goods for goods, but not for money. The latter these days are fiat currencies issued by central banks. Bitcoin is more like a precious metal than a legal tender for day-to-day payments," he explained.

According to Diaz de In order for cryptocurrencies to be recognized as money, the asset class needs to become a reliable payment instrument. They should also perform a value-preserving function, but this is hampered by price volatility.

"People don't want their purchasing power, their wages day to day of the day rose or fell by 10%. You don't want to see that kind of volatility in purchasing power. In that sense, it [bitcoin] is not a reliable guarantor of value," the official stressed.

At a recent conference, Bank of Sweden Governor Stefan Ingves compared buying and selling bitcoin to trading maThe government has also taken a number of steps to improve the sustainability of currencies that lack state support.

"Usually private money collapses sooner or later," Bloomberg quoted Ingves as saying.

Recall that in August, Roberto Campos Neto, president of Brazil's central bank, spoke out in support of regulating cryptocurrenciesт.27% of U.S. citizens are positive about the hypothetical scenario of bitcoin being recognized as a means of payment. These results were obtained by the research organization YouGov.

A total of 4,912 respondents took part in the survey.

Strictly against such an initiative were tonly 28% of respondents, 11% would rather not welcome it, and 34% were undecided. Every ninth American would fully support the idea, every sixth would give preference to the option of moderate support.

The main supporters of the first cryptocurrency were respondentsYou are between 25 and 34 years old, the opponents are people over 55 years old.

Among women 41% had no idea about bitcoin, among men there were 27% of them. Almost every third representative of the male sex would have a positive attitude to legalization of the first cryptocurrency, among women this share was 21%.

The survey also found an increase in bitcoin supporters and awareness as annual income levels rise.

As a reminder, according to the GamblersPick survey, 37% of U.S. cryptoinvestors would not even sell digital assets to pay bills, and slightly more half - won't spend it on luxuries or vacations.

Earlier research by BitPay payment system and news aggregator PYMNTS showed that 60% of digital asset owners in the U.S. consider cryptocurrencies suitable for everyday purchases, despite the existing barriers.Nikita Semov, a practicing trader and founder of the Crypto Mentors project, talks about the current market situation.

Bitcoin has been in the phase of volatility narrowing for several days, which is typical for cryptocurrency instruments after significant impulses. Let's take a look at digital gold's growth prospects in the coming weeks.

From a global perspective, the first cryptocurrency is in a steady uptrend. However, the current uptrend is overshadowed by significant momentum on 7 Sepin December. Let's look into the causes.

Reaction was caused by price coming to Low Volume Node by volume analysis. The pulse bar has a significant shadow from below, which indicates the presence of demand at $42,000.

Globally in such formations there is nothing terrible and ruinThe current pattern indicates the need to form a sideways range before crossing the key level of $53,000. The current pattern points rather to the need to form a sideways range before crossing the key level of $53,000.

If we consider speculation, I recommend to look for sets from the boundaries to the limits of the diapzone, making transactions from the zone of "cheap" prices near the lower boundary of the range to the zone of "expensive" prices - the upper boundary.

Main expectation in the medium term will be built from balance formation with exit upwards (in the direction of previous trend).

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