Another Bitcoin Bubble?

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The Australian Taxation Office Seeks Advice from external legal counsel On Bitcoin
The Australian Taxation Office Seeks Advice from external legal counsel On Bitcoin

Another Bitcoin price bubble could be just around the corner SecondMarket Holdings CEO.

Showing his bullishness on Bitcoin, the SecondMarket Holdings founder and CEO Barry Silbert says that the industry will see another Bitcoin price bubble similar to that experienced last year when it reached above $1200 for some time. Whereas at the start of the year, in January, the price of a single Bitcoin was around $13, it went above $1000 in the last quarter of the year.

According to Bitcoin entrepreneur the history of Bitcoin trading is a bubble, a correction, consolidation and another increase. This, according to him, has happened four times and it will happen again. Understanding the importance of investing in Bitcoin, he has personally invested in 28 Bitcoin-based businesses through his Bitcoin Opportunity Corp.

Currently, Barry Silbert is running the Bitcoin Investment Trust. His organization is also eyeing some of the 30,000 Bitcoins which were being auctioned by the US authorities. He believes that Bitcoin will enable Facebook to provide remittance, banking and person-to-person money transfer services to its users.

Though there is no official confirmation about the desire from Facebook that it wants any such features, Silbert is of opinion that because of Bitcoin and other cyber currencies, the social networking site may become a go-to platform for moving money from person-to-person, domestically and internationally. This will provide a host of basic banking services utilizing the Bitcoin.

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For instance, he says that the information that customers would put into a new bank account application, Facebook will already have all of that and by creating a social graph, they’ve already created a network of trusted relationships, which provides the rails on which payments can move or remittance can move.

His opinion is based on the fact that quite recently QuickCoin and Blockchain.info enabled their customers to send Bitcoin to their Facebook friends, and receive them from them. Now he hopes that this development may further encourage Facebook to think of taking it to next level and start providing a host of banking services using the digital currency.

Bitcoin, according to Barry Silbert can become like Visa, MasterCard, PayPal in coming days if a lot of online sellers of goods and services start accepting Bitcoin and keep Bitcoin as a payment option with the all the mentioned payment services providers. He is quite hopeful, particularly by the fact that there are more than 60,000 online retailers out there that accept Bitcoin.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com