Thomas Glucksmann, head of marketing at Hong Kong-based Bitcoin exchange Gatecoin, believes that the public image of Bitcoin has transformed from a risky to safe investment.
In an interview, Glucksmann said:
“It’s funny how the whole narrative of bitcoin being risky or dangerous has changed, and it is now seen as a form of pride to regulate and embrace it.”
Gaining more and more recognition
Over the past year, six countries including Malta, Japan, Australia, China, the Philippines and South Korea have addressed the regulatory issues surrounding Bitcoin. Some countries have officially recognized Bitcoin as a legal currency while others have described Bitcoin as a payment network and remittance method.
An important component which can be found in the regulatory frameworks designed for Bitcoin by the six abovementioned countries is the efforts of governments to ease and simplify the process of using, trading and establishing a business around Bitcoin and digital currencies.
Most recently, Australia removed double taxation on Bitcoin after realizing that heavy taxation and overly complex policies imposed on Bitcoin led to a decline in the Australian digital currency industry and its businesses.
— Joseph Young (@iamjosephyoung) May 10, 2017
The legalization and regulation of Bitcoin acted as driving factors behind the increasing demand for Bitcoin. Clarification on the legality of Bitcoin further validated the legitimacy of Bitcoin as a digital currency and asset.
Apart from the recognition of governments and central banks across the world, Bitcoin has also earned the description “digital gold” and “safe haven asset” as it outperformed major assets, markets and currencies time and time again.
Bitcoin’s still standing, always
Despite several major and minor price corrections, Bitcoin always managed to bounce back and recover. As reported previously by Cointelegraph, RT’s Max Keiser introduced a chart which accurately depicts the price trend of Bitcoin over the past few years. Although there have been some bubbles and market corrections, Bitcoin price always recovered to a region higher than its previous surge.
This pattern will repeat all the way to Bitcoin $100,000 and beyond… pic.twitter.com/o9Wj4reBtv
— Max Keiser (@maxkeiser) June 2, 2017
Most importantly, Bitcoin as a safe haven asset has recorded a strong performance for many investors, especially amid economic uncertainty and market instability. For instance, on June 2, when the US jobs report rattled stock markets, Bitcoin remained stable and actually recorded an increase in value.