Why has Bitcoin pumped so hard lately you ask?

Well there are a few possibilities Lets start with Bakkt.

Bakkt of course is the bitcoin backed futures exchange founded by Intercontinental Exchange (ICE) who by the way owns and operates the New York Stock Exchange. Bakkt hit new highs since opening last month in volume of business. Bakkt is simply an on ramp for institutional investors. Fidelity has one and TD Ameritrade is working on its version of one and so is the Nasdaq.

But the one I’m pinning my money on is the fact that the President of China in a communication to the country effectively changed China’s official policy of block-chain. By doing this the government has given 1.3 billion people the green light to buy and get involved in block-chain and of course bitcoin. As soon as that speech took place it was noticed that official websites started to remove any negative comments regarding Bitcoin and cyptocurrency. if it once said it was a scam or only for criminals it, well, no longer said that. President Xi also flatly stated that if was imperative for China to take the global lead in this new asset.

As for Bitcoin only being useful for criminals, I don’t agree with this because bitcoin is not as anonymous as once thought as there are companies that now work with law enforcement to track who owns/owned and used some bitcoin through the imutible block-chain. So you are better off using cash for your illegal shenanigans.

So yeah China, the worlds second largest economy, is All IN.

Are you?