Bitcoin Soars to Cosmic Levels

It’s a good time to be bitcoin, or at least a bitcoin user. This cryptocurrency is making all the headlines as its value continues to skyrocket and analyzers are racing to predict what’s to come. In the meantime, as if to make an appropriate metaphor for this borderless expansion, Blockstream announces its plan to “plant the seeds” of bitcoin everywhere on the planet via – satellite beams!

At the time of writing of this article, bitcoin’s value stands at a record $4300, but this number will soon be significantly surpassed. This is according to Goldman Sachs analysts who predict the exact figure of $4827 to be reached in a matter of weeks (the same team has successfully foreseen the breaching of $3600 this past July).

Technical analyst, Sheba Jafari, explains this ascent in terms of bitcoin riding a fifth wave of an “impulsive” rally, but also post-blockchain split agitation in east Asia, where political turmoil on the Korean peninsula and strain between South Korea and China. As a result, investors have more faith in the digital currency, rather than native currencies. Also, with rising constrictions globally, in the wake of terrorism and diplomatic crisis between the greatest superpowers, the same logic can be applied: more and more people put their trust in the stability of bitcoin as opposed to seemingly fragile country currencies.

Jafari warns, however, that impending market correction could see the value drop to about $3000 or below again, sometime after it reaches its peak.

Meanwhile, Blockstream dreams big: the company is scheming to reach global heights by transmitting via satellites. This ambitious project, dubbed Blockstream Satellite, envisages beaming the real-time bitcoin transactions from geosynchronous satellites which should enable everyone to partake. Adam Back, Blockstream CEO, commented that “everyone will have access to the bitcoin network, in any corner of the world, including the estimated 4 billion people not currently connected to the internet” and added that “entire satellite network forms a ring around the planet to ensure the bitcoin network is stable throughout the world”.

In order to be able to participate in this, users will need to use a satellite aerial and a USB receiver on their computer in order to receive this transmission. The entire equipment costs less than $100, according to Chris Cook, head of satellite for Blockstream.

Source:

"Don’t Ignore BTC: Goldman Sachs Analyst Predicts Bitcoin Price to Hit Near $5000", Solana Jasmine, calvinayre.com, August 15, 2017

“Satellites Will Soon Beam Bitcoin to ‘Any Corner of the World’, calvinayre.com, August 16, 2017