Bitcoin has had a hard few months after reaching its high above $19,000 USD to falling below $6000 USD!
Bitcoin has suffered multiple blows thanks to cryptocurrency ICO scams, and multiple actions from businesses that are banning the use of their service because of tax reasons or trust. Recently, Twitter, Facebook and even Google has banned advertisements for cryptocurrencies, and some may even challenge those associated with Bitcoin itself. Many big banks have begun prohibiting the purchases of cryptocurrencies using their credit cards! Nothing but really strong terrible news has plagued bitcoin and the entire cryptocurrency scene.
Bitcoin is under a lot of scrutiny as of late, especially after collapsing from its all time high where some influential members of the financial community have called Bitcoin a scam. Such accusations have long been a part of Bitcoin, and yet, Bitcoin's value continues to stay considerably high.With bitcoin's volatility, it is still worth a lot of money, if 1 bitcoin was valued at 100$, or 1$ it would still carry a value. And if things carry a value, then naturally governments want a piece of it...
Bitcoin maybe has suffered some hit pieces in the media, and has taken bad hits with some organizations, but the worst thing about Bitcoin today is it's uncertainty with global governments. The US, Russia, and China have shown strong opposition to Bitcoin for various reasons, most notably drug related crimes, possibility of funding terrorism and tax evasion. In the US, things surely are heating up as the IRS wishes to hold more users accountable for their "unpaid taxes", while congress rushes to identify what exactly a cryptocurrency is and what is the appropriate way to tax it in the future and its alternative counterparts. Bank regulators and security regulators are debating on if Bitcoin is even viable as a currency, let alone an investment...
Bitcoin is stuck right now, although there are positive prospects for its value, Bitcoin today is going to have to face some serious changes within the community, especially for the cryptocurrency community as a whole. The laws, the scandals, and the accusations that are being pushed onto Bitcoin will have huge ramifications for our financial freedom and the future of Bitcoin itself. Many corporations like Twitter and Google are trying to protect their reputation by not working with scammy coins, but ultimately censoring us from seeing the alternative coins that are available. Governments are trying to force their regulations on a system that doesn't require their rules, and of course, it doesn't require their intrusion in the personal transactions of individuals.
Bitcoin is in a rut, but 2018 will be its breakout, and mass adoption will increase by 2020... we just have to ride through this foggy storm.
