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Where Could Bitcoin Still Grow In The U.S.?

April 13, 2018 12:34
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Recently we noted that the billionaire American investor George Soros was trading cryptocurrencies despite his personal belief that they’re a bubble waiting to burst. Interestingly, it was one of the first times we’ve seen a famous investor from the States weighing in with the intent to invest. And this speaks to a concern that probably doesn’t get discussed frequently enough, which is the growth potential of bitcoin as it relates specifically to the U.S.

Frankly, as you likely know if you’re interested in cryptocurrency, bitcoin growth anywhere is difficult to predict. It remains an incredibly volatile asset, and wild swings can materialize with relatively little notice. That said, there are a few factors that could conceivably contribute to significant growth in the U.S. in the coming year or two (mind you, we’re not guaranteeing anything at all).

Investor Turnover

This is a very speculative notion, so take it with a grain of salt. However there’s some potential for investors who decide to abandon the U.S. stock markets to buy up bitcoin as an alternative – much the same as they might have done with gold in a previous era (or may still do with gold today). Way back in 2015 it was written that investors were moving away from U.S. stocks and bitcoin VC money was on the rise. And there’s at least a chance that something similar could materialize over the remainder of 2018. The U.S. stock markets have been performing very well for a few years now, but are reacting poorly to political news as the U.S. proposes and threatens tariffs on China and other countries. Should the markets begin to decline, there could conceivably be a surge of bitcoin investment.

Sports Betting

This is something that might not have been on our radar a few months ago even, but suddenly it’s gaining steam in the U.S., and quickly. It began with Adam Silver, the commissioner of the NBA, calling for legalized sports betting – and other leagues and organizations quickly got on board with the idea. Legislation is now in the works in some states and it very much looks as if the trajectory is toward the legalization and regulation of this activity (which many in the U.S. already engage in anyway). At this stage, the various payment options for what online betting there is in the U.S. don’t tend to include bitcoin. But we’ve already seen cryptocurrencies carve out spaces in betting and casino markets in Europe, and it’s a good bet (no pun intended) that the same thing would happen in the U.S.

Retail Usage

Finally we ought not to give up entirely on widespread retail adoption. As of late 2017 bitcoin was still continuing to gain usage among major retailers in the U.S., despite some commentary to the contrary. It’s true generally speaking that bitcoin hasn’t quite taken off as the mainstream currency some believed it would be. However, lost in that narrative is the fact that there are more and more opportunities to pay for goods and services with cryptocurrency – and as a result, more demand for that currency.

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