For us Sheffielders, we are in luck. The United Kingdom’s approach to cryptocurrency regulations is pretty lax. Cryptocurrencies are not considered legal tender, but the country of the queen has no specific laws about cryptocurrency, yet.
Since 2018, Cryptocurrencies have turned out to achieve better recognizance with legal economic institutions. Today, they are traded openly on the financial markets, taking a major step since, before that date, they were, on the contrary, illegal and sanctioned.
Cryptocurrency’s future outlook is still very much in question. Proponents see the limitless potential, while critics see nothing but risk. Professor Grundfest at Stanford Law remains a skeptic, although he does concede that there are certain applications where cryptocurrency is a viable solution.
And right now, Bitcoin is back, along with the debate over its value. The price of the digital currency is soaring, and last week it hit more than £29.500 for the first time. Having doubled in less than a month.
Its price has jumped by more than 700% since the pandemic was first declared in March last year, rising from about $5,000.
Some skeptics have warned that the crypto boom could be heading for trouble and that the coin itself has no intrinsic value. But Naeem Aslam, the chief market analyst at AvaTrade, an online broker, said the cryptocurrency continued to defy its critics.
“A major price level has been hit and bitcoin has proved that this is not the asset class you want to mess around with. It has proved itself to all disbelievers today.”
“Institutional traders are the ones who have got the rally going”, he said, adding that the next big moment for the cryptocurrency would come when it breached the £40.000 mark.
In the article published by finance researcher Raynor de Best, November 12th, 2020, worldwide cryptocurrency usage is growing daily. Almost every day new coin users appear, and a shop announces they accept cryptocurrencies such as Bitcoin. As cryptocurrencies evolve and their numbers expand, online retailers both large and small in the UK, and globally, are left to evaluate whether they should jump on board this semi-regulated digital train.
Amongst others, companies like Overstock, Pizzaforcoins, and Expedia have started accepting bitcoins mainly for general transactions, opening the road for you and me to access a new use of cryptocurrency. Big names like Microsoft, Shopify, and as funny as it is, even Subway come in-game. Even the online world of quick casinos, or as a Finn would say “Pikakasinot“, are accepting the currencies with open hands. Getting on the train.
With very scarce laws limiting it, the increase of its worldwide usage, the expansion of societies and companies accepting them, Cryptocurrencies are a growing market and seem to become a mainstream and legitimate mode of payment. So while you are enjoying our beauty Sheffield during this lockdown. It might be time to give a look to bitcoin and other cryptocurrencies on the rise. And start thinking about investing your old cash into this new digital goldmine.
