Federal Authorities Might Consider Accumulating Bitcoin (BTC), Here’s Why

The digital currency market is yet to break out of the hands of the bears as we approach the end of Q1 of 2019. Almost all the coins in the market have been trading in a tight range since the beginning of this year. Even the world’s most dominant digital currency – Bitcoin (BTC) – has been stuck around the $4k level. Many have been waiting for the breakthrough Bitcoin bull run. With the recent price trend in the market, will Bitcoin recover?

The hope of investors and traders have been kept alive with Tom Lee bitcoin price prediction 2019 and Tim Draper Bitcoin price prediction 2019. Tom Lee and Tim Draper are some of the biggest Bitcoin (BTC) bulls we have in the industry. They have been behind the digital currency, releasing bullish Bitcoin price predictions 2019, and expecting a massive Bitcoin bull run.

Tom Lee Bitcoin Price Prediction 2019

Earlier last year, Lee predicted that the value of Bitcoin (BTC) would hit $25k level. Lee gave this prediction after the massive Bitcoin bull run in 2017. While his 2018 prediction did come to pass, Lee has not given up on the digital currency. Tom Lee Bitcoin price prediction 2019 is $10,000. However, he still believes Bitcoin will hit the $25k level after Bitcoin recovers.

Tim Draper also strongly believes in the Bitcoin industry. During an interview, the BTC bull said that digital currency is superior to traditional currencies. Will Bitcoin recover? Yes, says Draper. Tim Draper Bitcoin price prediction 2019 is also very bullish. He also said that the capitalization of the digital currency market will grow by 1000x than what we have now.

Federal Authorities Might Start Accumulating Bitcoin (BTC) Soon

The major resistance towards the adoption of Bitcoin and digital currencies is government and regulatory approval. However, Garrick Hileman said:

When regulation tightens, we have seen the price of Bitcoin (BTC) respond positively more often than not. Regulators have not sought to ban BTC or other digital currencies; it legitimizes Bitcoin. When Bitcoin (BTC) emerged newly, there was a fear that the digital currency would be outlawed. But it has been around for over ten years now and counting.”

Garrick Hileman is the head of research at blockchain and research associate at the London School of Economics. The economist went ahead to reaffirm that the fundamental use of Bitcoin is as a store of value compatible with gold. He also added that if the central banks choose to accumulate Bitcoin, as a store of value, it could greatly impact Bitcoin price and start a massive Bitcoin bull run.

Central banks are in charge of setting interest rates and regulating inflation. They are also in charge of monitoring the Federal Reserve. They include a wide range of assets in reserve to minimize risk. Some of the assets include Bonds, Foreign Currencies, and Swaps. Hence, going by the rate at which Bitcoin improves, the Federal Authorities might consider accumulating Bitcoin (BTC) as well.

If that happens, the entire crypto market will rejuvenate, and this might result in the return of another Bitcoin bull run.

What Is the Price of Bitcoin Today?

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,691.09
-0.18%

Bitcoin live price is $4,058 after surging by one percent over the past twenty-four hours. The current market cap of the digital currency is $70.26 billion and its trade volume over the past day is $13.42 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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