The next bitcoin boom phase will be driven by the USA.

[Melbustus]

Or so I suspect, at least.

We've just seen large investments in US-based bitcoin companies by savvy VC firms. Circle and Coinbase are both saying that they're going to make bitcoin easier for people to acquire and use. I'm sure they'll be successful in that, but they're also probably targeting next-gen uses of the blockchain (see Naval Ravikant, Co-founder/CEO of Angellist's "The Internet of Money": http://startupboy.com/2013/11/07/bitcoin-the-internet-of-money/ ). Seeing some real apps along those lines will drive another wave of excitement, and convince yet another slice of the populace that bitcoin has merit and is here to stay.

Along the way, someone is going to solve the money-transmission licensing problem. The reason we don't have any solid US-based exchanges is due to state-by-state MTL requirements, and specifically, the surety-bond coverage requirements for businesses to obtain such licenses. Either Coinbase, Circle, or some new well-funded entity will go through the expensive work of getting the licenses, or start a fund/company that's knowledgeable about bitcoin and willing to underwrite the bond coverage. Solving this problem will lead to much better liquidity in the US, and allow for some of the next-gen services outlined above, as well as advanced trading and hedging.

That leads to the beginning of real integration with Wall St. It seems like they're *starting* to shift from completely mocking bitcoin to dipping their toes in the water. They need *much* better liquidity to do anything significant, but unleashing real US exchange platforms will make that possible. Additionally, vehicles like SecondMarket's Bitcoin Investment Trust are already proving popular, and that trend will continue. The potential issue of near/medium term regulatory uncertainty was removed with last month's senate hearings, and further financial integration and products will come as a result, in due time.

In any event, these things are all inter-related and tend to snowball. The hard parts of getting the ball rolling and reducing regulatory uncertainty have already happened.

China can do what they want; I think it's far more likely that the US ends up housing the most robust and sophisticated bitcoin ecosystem.

[NUFCrichard]

I think it will be driven by Cyprus and the bitcoin bank there.

[mvidetto]

Or so I suspect, at least.

We've just seen large investments in US-based bitcoin companies by savvy VC firms. Circle and Coinbase are both saying that they're going to make bitcoin easier for people to acquire and use. I'm sure they'll be successful in that, but they're also probably targeting next-gen uses of the blockchain (see Naval Ravikant, Co-founder/CEO of Angellist's "The Internet of Money": http://startupboy.com/2013/11/07/bitcoin-the-internet-of-money/ ). Seeing some real apps along those lines will drive another wave of excitement, and convince yet another slice of the populace that bitcoin has merit and is here to stay.

Along the way, someone is going to solve the money-transmission licensing problem. The reason we don't have any solid US-based exchanges is due to state-by-state MTL requirements, and specifically, the surety-bond coverage requirements for businesses to obtain such licenses. Either Coinbase, Circle, or some new well-funded entity will go through the expensive work of getting the licenses, or start a fund/company that's knowledgeable about bitcoin and willing to underwrite the bond coverage. Solving this problem will lead to much better liquidity in the US, and allow for some of the next-gen services outlined above, as well as advanced trading and hedging.

That leads to the beginning of real integration with Wall St. It seems like they're *starting* to shift from completely mocking bitcoin to dipping their toes in the water. They need *much* better liquidity to do anything significant, but unleashing real US exchange platforms will make that possible. Additionally, vehicles like SecondMarket's Bitcoin Investment Trust are already proving popular, and that trend will continue. The potential issue of near/medium term regulatory uncertainty was removed with last month's senate hearings, and further financial integration and products will come as a result, in due time.

In any event, these things are all inter-related and tend to snowball. The hard parts of getting the ball rolling and reducing regulatory uncertainty have already happened.

China can do what they want; I think it's far more likely that the US ends up housing the most robust and sophisticated bitcoin ecosystem.

Once regulations hit, wall street can start adding to their portfolios with little risk of government intervention in addition to what you stated.  The problem is how long will this take to mature to that point?  Right now there is panic in the streets bc some guy dumped 3k coins...

[Melbustus]

Once regulations hit, wall street can start adding to their portfolios with little risk of government intervention in addition to what you stated.  The problem is how long will this take to mature to that point?  Right now there is panic in the streets bc some guy dumped 3k coins...

I think the regulations have mostly already "hit". In the hearings, all agencies said they *already* have the legislative tools necessary to regulate bitcoin, and that it basically boils down to complying with existing AML/KYC/BSA stuff. The only thing left that's potentially relevant for Wall St. is classification as a currency or commodity. Shasky noted at the hearings that the IRS is actively working on explicitly defining tax consequences for bitcoin-related activity, which will likely involve weighing on the currency/commodity distinction (as silly as it is, obv) in some form or another. That may not fully answer the question, but it's a start. Not even sure how relevant it is (from Wall St's perspective), as long as the tax-treatment is clear.

[MAbtc]

Let's finish the bust first.

[Melbustus]

Let's finish the bust first.

Eh, I'm not terribly interested in the short/medium term.

[GigaCoin]

http://www.youtube.com/watch?v=IhnUgAaea4M

[crazy_rabbit]

agreed.

[MAbtc]

Let's finish the bust first.

Eh, I'm not terribly interested in the short/medium term.

Then why talk about the next boom phase? Let's just talk about million dollar bitcoins.

[outofservice]

http://www.youtube.com/watch?v=IhnUgAaea4M

+100 LMAO!

Awesome Movie! FUCK YEEAAAH!!

[Melbustus]

Let's finish the bust first.

Eh, I'm not terribly interested in the short/medium term.

Then why talk about the next boom phase? Let's just talk about million dollar bitcoins.

Heh... Well, the probability of getting to full success-case (which is a lot less than $1m/btc) is not 1.0, so I do like to ponder the process.

[Melbustus]

http://www.youtube.com/watch?v=IhnUgAaea4M

Not my intended sentiment, but....lol.

[beetcoin]

Or so I suspect, at least.

We've just seen large investments in US-based bitcoin companies by savvy VC firms. Circle and Coinbase are both saying that they're going to make bitcoin easier for people to acquire and use. I'm sure they'll be successful in that, but they're also probably targeting next-gen uses of the blockchain (see Naval Ravikant, Co-founder/CEO of Angellist's "The Internet of Money": http://startupboy.com/2013/11/07/bitcoin-the-internet-of-money/ ). Seeing some real apps along those lines will drive another wave of excitement, and convince yet another slice of the populace that bitcoin has merit and is here to stay.

Along the way, someone is going to solve the money-transmission licensing problem. The reason we don't have any solid US-based exchanges is due to state-by-state MTL requirements, and specifically, the surety-bond coverage requirements for businesses to obtain such licenses. Either Coinbase, Circle, or some new well-funded entity will go through the expensive work of getting the licenses, or start a fund/company that's knowledgeable about bitcoin and willing to underwrite the bond coverage. Solving this problem will lead to much better liquidity in the US, and allow for some of the next-gen services outlined above, as well as advanced trading and hedging.

That leads to the beginning of real integration with Wall St. It seems like they're *starting* to shift from completely mocking bitcoin to dipping their toes in the water. They need *much* better liquidity to do anything significant, but unleashing real US exchange platforms will make that possible. Additionally, vehicles like SecondMarket's Bitcoin Investment Trust are already proving popular, and that trend will continue. The potential issue of near/medium term regulatory uncertainty was removed with last month's senate hearings, and further financial integration and products will come as a result, in due time.

In any event, these things are all inter-related and tend to snowball. The hard parts of getting the ball rolling and reducing regulatory uncertainty have already happened.

China can do what they want; I think it's far more likely that the US ends up housing the most robust and sophisticated bitcoin ecosystem.

Once regulations hit, wall street can start adding to their portfolios with little risk of government intervention in addition to what you stated.  The problem is how long will this take to mature to that point?  Right now there is panic in the streets bc some guy dumped 3k coins...

the stock market seems long overdue to pop, as the economy will sooner or later hit a very huge wall. i would guess that bitcoin could possibly reach $100,000/btc by that time.. but the question would be: in an economy with hyperinflation, how much does $100,00 buy you? maybe an xbox one?

[pand70]

Even the winklevii don't dare to speak for a price above 40k$ and yet everyone else is dreaming of 1m$ bitcoin... 

[Oldminer]

Let's finish the bust first.

lol, dont be surprised if you dont get one.

[crazy_rabbit]

With over 42% of the US population aware of bitcoin, it makes sense that Bitcoin should probably be an American thing. Nowhere else, except european countries (where the Dutch apparently have 1% of the population owning bitcoin) is bitcoin so popular. And the legal/political system so free. :-)

[windjc]

With over 42% of the US population aware of bitcoin, it makes sense that Bitcoin should probably be an American thing. Nowhere else, except european countries (where the Dutch apparently have 1% of the population owning bitcoin) is bitcoin so popular. And the legal/political system so free. :-)

True. Maybe I am biased as an american, but despite what the libertarians will tell you, this is still a very FREE country compared to many/most.  And America has made its history and fame on innovation. The internet started where? That's right. So did planes and cars and electricity etc. etc. etc.

So digital currency fits right in. We are a country driven not by manufacturing anymore but by investing in disruptive ideas and technology. 

America wants so badly to create, to matter in the world, that our leaders will not try to destroy bitcoin. We would rather brag about it.

I never ever felt comfortable with Bitcoin's reputation in the hands of communist China. Somewhat like Silk Road, I am pleased that China may be forced to take a back seat on the bitcoin express.

However, if any 2nd or 3rd world country like Cyprus would like to adopt BTC as their reserve currency then GO RIGHT AHEAD PLEASE and move to first class on this train.

[film2240]

I hope that whatever is dragging down the value of BTC is sorted out first before we can realistically talk about any future boom.I do a few things to earn BTC and at the moment,the value of what I've earned so far has dropped (quite a bit since £510 GBP yesterday) more than I'd like so It's safe to say that this could be a bust cycle.

What I do hope for is much cheaper BTC to buy up as an investment (as I didn't really have the means to do this last time so I have to get it done this time),hold onto them and profit as much as I can (think that puts me in speculator/earner category for BTC users and a former miner)

I hope the US really starts to embrace BTC and update it's legal systems to accommodate it like I've seen in the EU for a few years now (I live in the UK which is part of the EU).I see the future with BTC and similar (online) currencies as they gave me new oppourtunuties to help me earn while still sorting out how to get my foot in the TV industry (it's very tough,I've tried a lot to apply,got rejected,started making something of myself in the meantime until I get that dream job in TV).

As for which country drives BTCs success I really couldn't care less as long as the value grows and BTC is a successful,thriving currency (which so far it has demonstrated)

[T.Stuart]

I reckon China's stance will also go some way towards encouraging India to do the opposite 

[stompix]

With over 42% of the US population aware of bitcoin, it makes sense that Bitcoin should probably be an American thing. Nowhere else, except european countries (where the Dutch apparently have 1% of the population owning bitcoin) is bitcoin so popular. And the legal/political system so free. :-)

W8 , there are 150k+ bitcoin owners in the Netherlands?
Any source for this ? Cause I find it amazing

Also , I deeply believe that the EU zone will be the one that really drives mass adoption , not this speculation bubble in China!
We need real shops and real users , not day traders.