In a welcome development for crypto-enthusiasts everywhere, the downturn of cryptocurrency prices that dogged the start of the month seems to have turned around, with bitcoin prices rising from low of around $6,600 to around $9,600. There are a number of reasons that this recovery may be happening but one worth noting in particular could be that the wealth of ‘fake news’ that has been posted around bitcoin, including hacks and governments banning it, is beginning to be seen through. Greater understanding of cryptocurrencies by investors reveals its potential and counters the claims that it is a haven for criminals or has no value. Despite this, mainstream media can still be seen propagating FUD as it uses Bitcoin in a negative light as a buzzword to garner more interest, when usually the fact that cryptocurrency is involved is irrelevant. However, serious financial players, including Goldman Sachs, are planning to provide bitcoin services due to consumer demand — highlighting the growing mainstream support.
The benefits of a cryptocurrency are even being realised on a governmental level, with Venezuela launching its own cryptocurrency — rapidly prompting President Trump to ban US involvement in the new ‘Petro’ — which reportedly raised at least $US5 billion, although this amount is hotly debated. In similar news, there have also been reports of other governments considering issuing their own cryptocurrency, including Russia, Turkey and Iran.