Bitcoin has been trading at from $44 to $46 USD a piece for the last two hours on Mt Gox as of the writing of this article, a big change from the $50 it cracked two days ago. But, the long term trend is still upwards, and we can’t see this changing anytime soon as more funds keep pouring into the Bitcoin ecosystem worldwide.
The biggest news illustrating the emerging legitimacy of Bitcoin is the announcement of the first Bitcoin hedge fund in the world by Exante Ltd. The fund is based in Malta with Exante having offices in Malta, Russia and Singapore. Exante offers the Bitcoin Fund with an initial minimum investment of $100,000. The funds’ storage of Bitcoin includes security and anti theft mechanisms straight from a James Bond movie: covering data loss, hardware failure, jurisdictional risk, hacker risk, and dishonest employees. This includes password’s being separated into three different phrases and then stored in three different geographical regions worldwide. If anything, this means even more growth of the global market cap of Bitcoin.
In fact, here’s a rough little infographic we found illustrating the potential future market cap of the global Bitcoin ecosystem, compared to now:
The last 48 hours has seen an explosion of activity in the Bitcoin ecosystem and beyond.
Most excitingly for all the investors / speculators / enthusiasts and those wondering whether to dip their toes in the cryptocurrency water – the BTC price is currently trading on MtGox at over $44 USD a piece, and has been trading steady at over $44 (EDIT: holding $46 for over two hours now) for the past two hours.
Kim Dotcom tweeted on Monday that BItcoin was “the currency of the future” and that it’s time for a Bitcoin credit card. If anyone has the resources to pull if off it in a big way, it is most certainly the millionare behind the encrypted cloud storage service Mega, who rose to internet fame after the US shut down prolific file host MegaVideo in January 2012. MegaCard coming soon?
In the last 24 hours, Bitcoin merchant processing service BitPay, which now has over 3 300 merchants using its service, has expanded its seed round: securing more angel investment from Ben Davenport, Trace Mayer, and A-Grade Investments. In February, BitPay recently relocated its office to the Atlanta Tech Village in the epicentre of Buckhead’s Financial District.
Meanwhile, Forbes has pronounced that Bitcoin is ready to go mainstream with the first U.S Exchange, with Seattle based start up Coinlab recently receiving $500 000 in start up capital and announcing a recent partnership with Silicon Valley Bank. This brings Mt Gox, the largest Bitcoin exchange, to U.S shores. The exchange has a trade volume of nearly $500 000 000 per year; and this is forecast to grow by ten times in the next year.
One thing’s for sure: Bitcoin is everywhere, it’s growing and the adoption rate doesn’t show any signs of slowing any time soon.
Our other favourite Bitcoin developments of the last 48 hours:
– Domain registrar Namecheap now accepting Bitcoin payments