Two unrelated news items this week could, when looked at together, point to where bitcoin development is heading.
The first is that bitcoin’s price breached its previous annual high on relatively strong volume, and more or less held its position.
The digital currency has managed to recover not only from the Bitfinex hack earlier this year, but also from the Mt Gox debacle in 2013. This sends a clear message of resilience.
The support shows that governance and scalability problems are not enough to make a significant dent in interest in the cryptocurrency. And the relatively narrow trading band must reassure skeptics concerned about volatility.
With this performance, bitcoin is taking steps towards dispelling financial institutions’ fears that it is an unsuitable blockchain. While work will no doubt continue on private blockchains (as it should), this is likely to lead to an increase in banks’ interest in public blockchains over the next few months.
Read more at the following link
http://www.coindesk.com/will-bitcoins-resurgence-bring-the-banks-on-board/
