"I don’t think we should ban it". Those words were said yesterday by Sheila Blair, a former senior America regulator. Why? How does the digital currency now trade as it gets this unlikely support? Find out on the 2 March Bitcoin Fundamental Drivers Forecast.
2 March, OctaFX – February was a good month for Bitcoin. Its price moved from a low of $5,817 to end the month above $10,000. In the recent weeks, however, the cryptocurrency has been in consolidation move with its price fluctuating between $11,744 and $9260.
Bitcoin Gets Support From An Unlikely Source
The recent bullish move can be attributed to the lack of any major regulatory news from the leading countries like US, Japan, and the European Union. A common argument against Bitcoin and other currencies is that it does not have any value. This argument was deconstructed yesterday by a former senior America regulator.
In an interview with Barron’s, Sheila Blair argued that the argument that Bitcoin had no intrinsic value was overblown. She argued that using the same logic, other fiat currencies would be worthless as well. She said:
‘I don’t think we should ban it — the green bills in your pocket don’t have an intrinsic value, either. The value is based on what others think is its value. That’s true of any currency.’
Sheila Blair is a highly respected professional in the country. During the financial crisis, she was the head of the Federal Deposit Insurance Corp (FDIC) which insures bank deposits. She served the institution for more than 5 years.
2 March Bitcoin Fundamental Drivers Forecast
As shown below, the pair started moving up on 6 February. The pair has now completed the first and second phase of an impulse Elliot Wave which means that the current upward trend will continue. In an Elliot Wave, the third phase is usually the longest.
Disclaimer
This article about 2 March Bitcoin Fundamental Drivers Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.