Bitcoin is trading around its highest price ever today on the prospect of mass-adoption in India and Japan.
Bitcoin was more than 1.5 per cent higher this morning at around $1,284 according to Coin Desk. The currency peaked just above that in early March before plummeting to a low of $935.
“On the surface, it seems that mass integration of digital wallets could very soon be part of our everyday lives. India and Japan could well be the tipping point,” said Mati Greenspan, senior markets analyst at eToro
“Once it becomes a regular thing to walk into a Japanese store, pay with your smartphone, and walk out, it’s only a matter of time. If India lifts restrictions on bitcoin payments, that would put a good portion of the world’s population on the blockchain.”
This follows reports last night that the US Securities and Exchange Commission (SEC) will review its decision to block the listing of the first US exchange-traded fund (ETF).
The SEC rejected the long-awaited bitcoin ETF last month due to a lack of regulation in the world’s bitcoin markets, causing the currency to plunge to below $1,000.
The ETF, founded by the Winklevoss twins, would have been a massive boost to bringing the cryptocurrency into the mainstream, persuading more professional investors to jump in and push its price higher.
“A bitcoin ETF is only a matter of time, and whilst previous excitement around this has driven short-term volatility, the market has very quickly corrected, marking only a limited opportunity for traders,” Greenspan said.
“Although a bitcoin ETF will bring some very welcome American investors to the asset, eToro’s bitcoin traders are clear that the real market-mover for bitcoin is on-the-street adoption across major economies.”