Wednesday 22 May 2013

Bitcoin : Time to re-enter?

After peaking off at around USD260 per Bitcoin, it fell to USD60-ish. Now trading at USD120 region, it is almost half of its value during its peak. Is it time to consider re-entry into Bitcoins? Recent trading volume has shown significant decline, but I see more and more reported acceptance of Bitcoins by retailers. While it might remain a novelty idea for sometime, this might be the defining moment for Bitcoin. With less trading volume, it could mean more stability for the cryptocurrency, a much sought after characteristic that business owners want. A stable currency is a good foundation to work towards being the de-facto alternative method to buy and sell online without big brother snooping around.  

Bitcoin Chart; Uptrend Momentum?
That said, a great entry price would be around USD80 if anyone can get it. Perhaps Bitcoin is not so much of a fad after all! 

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