How long until bitcoin replaces cold hard cash?
From Frank Holmes at Frank Talk:
Bitcoin is back in the news in a big way. The world’s largest cryptocurrency neared $10,000 last week, meeting strong 200-day moving average resistance of around $9,800. Also last week, the 17 millionth bitcoin was mined. Remember, the crypto was originally designed to have a limited supply of “only” 21 million, an attractive feature that should continue to burnish its value as we get ever closer to that ceiling.
It’s no coincidence that the rally we’re seeing right now began soon after Tax Day. Many bitcoin and altcoin investors likely liquidated some of their holdings ahead of the filing deadline to cover capital gains taxes from last year and are now getting back into the trade. Month-to-date as of April 27, bitcoin was up more than 33%.
Also moving prices is news that Goldman Sachs and Barclays are both rumored to be working on introducing cryptocurrency trading desks. Similarly, Nasdaq CEO Adena Friedman told CNBC last week that Nasdaq “would consider becoming a crypto exchange over time,” and that “digital currencies will continue to persist”…