Segwit2X, South Korea, and Bitcoin’s Future Growth
Following this previous weekend’s notable lows, there has been some incredibly exciting news as Bitcoin rallied towards a 30-Day High this week. One of the reasons for the recent highs includes the support of the Segwit2x proposal. The implementation of Segwit2X has been in talks amongst crypto investors and traders for quite some time, but it has caused some uncertainty as of late before the support threshold had been reached. Some were worried that a split in Bitcoin following the inevitable 2MB hard-fork would occur from the application of Segwit2X and as a result of this, on July 15, Bitcoin lost over 12.3% of value in just 24 hours; the following day, Bitcoin’s value dropped below $2000. The bulls recognized this as a good entry point and began buying back in. On Wednesday, SegWit2X hit the necessary 80% miner support level. Currently, Bitcoin’s value is at $2830, and confidence is restored in investors as the support threshold for SegWit2X has been reached.
Other big news of Bitcoin came about yesterday as South Korea officially legalized international Bitcoin trade. The Democratic Party of Korea is also currently working with the South Korean government to establish regulatory framework for the Bitcoin market. Bitcoin became legalized as a remittance method, which enabled fintech companies to process up to $20,000 worth of South Korean won in bitcoin for users. $20,000 of South Korean won may not seem like a lot, but there is some significance to this latest legislation. This mirrors the legalization of Bitcoin as a remittance method in the Philippines, which occurred on February 12th and caused a significant surge in growth for the area. Legalizing Bitcoin as a remittance method is only the first step. Once Bitcoin is legalized as a digital currency and is regulated in South Korea, we can expect another significant surge in Bitcoin growth. Currently, the South Korean Bitcoin exchange market processes over 14% of global Bitcoin trades, which is the third largest market behind the US and Japan. Following the Japanese government’s decision to make Bitcoin legal tender, Bitcoin experienced over $1000 growth in value.
What’s in store for Bitcoin following these events? Well, we’ve received the miner support we need for the Segwit2X proposal, which comes as a relief to both miners and investors. Also, South Korea, a country with a significant market for Bitcoin and other cryptocurrencies, has legalized it as a remittance method. We’ve experienced some striking lows this past week, but the support of Segwit2X and South Korea’s latest Bitcoin-related legislation have given us even more reasons to believe that Bitcoin has a significant amount of value, Blockchain technology is revolutionary, and more people as well as entire countries are recognizing its value. If you’re an early adopter of Bitcoin, or even a new investor, this is an incredibly exciting time for Cryptocurrency and Blockchain Technology. If you have just discovered the value of Cryptocurrency and Blockchain Technology, welcome to the show. It only gets better from here.
