5 reasons why Bitcoin is looking good

     Bitcoin prices fluctuated at a low level in the Asian session on Monday (August 31), and the overall downward trend of yesterday continued.

The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) fell from a high of around 233 to below 226 yesterday. The exchange rate rebounded slightly to above 229 in the Asian session of this trading day, but eventually fell to around 226.

The quotes released by KRAKEN show that Bitcoin/Euro (XBT/EUR) continued to fall from above 208 to 203 yesterday. It rebounded to above 205 in the Asian session of this trading day, but then fell back to 203.

In terms of industry, foreign media wrote an article giving five reasons for being optimistic about the future of Bitcoin:

  1. Increased scale of limelight

In 2012, the scale of venture capital related to Bitcoin was only 2 million US dollars. In 2013, it was 95 million US dollars, and in 2014 it surged to nearly 350 million US dollars. It should be noted that when the Internet was just starting in 1996, the scale of venture capital was only 250 million US dollars. Now, the total industry investment in Bitcoin has exceeded 550 million US dollars, and this is just a matter of a few years.

  2. Bitcoin’s influence

The scale of venture capital is considerable, and investors are even more important. Technological innovators such as Marc Andreessen, the founder of Netscape, have also invested more than $50 million in Bitcoin projects. Richard Branson, Reid Hoffman, the New York Stock Exchange , the former CEO of Citibank, and Reuters are all connected to the Bitcoin industry.

3. Bitcoin transactions increase

There are two core indicators in the Bitcoin industry: the number of accounts and trading volume. In 2013, there were only 13,000 Bitcoin accounts, but now there are more than one million, an increase of nearly 8,000%. In addition, Bitcoin trading volume is also setting new records every month. Since 2013, the daily trading volume has basically doubled, reaching an average daily trading volume of nearly 100,000 Bitcoins.

  4. Expanded scope of use

Overstock.com, Expedia, Microsoft and Dell now accept Bitcoin payments. There are more than 90,000 merchants around the world that accept Bitcoin payments.

  5. Industry Talent Capital

Huffington Post said, "When you laugh at Bitcoin, you are actually laughing at hundreds of young technical geniuses and hungry entrepreneurs." Former mathematicians have devoted themselves to the Bitcoin industry. Executives of VISA and PAYPAL have also created their own Bitcoin companies.

Entrepreneurs are there to solve problems that others have failed to solve. Does Bitcoin still have flaws? Yes. But the world's smartest people will fix them.