Bitcoin or Cryptocurrency in general are slowly been accepted and recognized by some financial institutions in some countries in the last few years. And there are well-known personalities that promotes the use of cryptocurrency around the globe.
But the questions is how come its value decreases after it has reached the highest in the last quarter of 2017. Was it being more accepted affected its value? What are your thoughts?
No, I don't think there is a connection between the price going down and Bitcoin being accepted more widely. In fact, it is interested and increase of activities with Bitcoin that drove the price up that much in the first place. The main reason for the drop was that the price was going up too fast, so the correction was bound to happen. Moreover, some bad news appeared about Korean exchanges, and the newbies that made the price go up caused it to go down drastically.
Adoption is good, but it has to be gradual, and people have to be interested in something more than profits.