Bitcoin has set yet another record by scaling the $6000 mark, reaching the 6k milestone twice in 48 hours. The pacesetter of Cryptocurrency late on Friday rose seven percent to bring its market cap for the first time to $100 Billion.
Late on Saturday, the price dipped again to the $5800 – $5900 range but it quickly recovered on Sunday. At press time, the price rate was hovering around $6010.
This is very Surprising to many industry players and experts given that the Ecosystem has faced some ardent opposition this month. These range from negative comments from bank executives, Central banks and the banning of Exchanges and ICOs in China.
African Expert Views
However, some African Bitcoin experts Core Media spoke to were optimistic and maintained that Bitcoin will continue to make inroads. Salam Mahamadu of the Centre for Liberty & Entrepreneurship, a Libertarian and Cryptocurrency Think Tank in Ghana thinks Bitcoin will always resist such adversaries and keep growing. He explained:
“I don’t think such comments from powerful people will ever stop Bitcoin. I believe it’s just an idea which time is up, and that nobody can stop it. We’ve seen a lot of such moments but the network keeps growing as well as offer opportunities to people especially those of us in the third world where financial inclusion is a privilege.”
For Bami Jinadu of the Nigeria Blockchain Institute, Bitcoin price is going to go up since more people are discovering Satoshi Nakamoto’s handiwork. “The Ecosystem is growing with more people getting into the network. I won’t be surprised if we see $10,000 by the end of 2017,” Bami predicted.
But Prince Fortune Sibanda who is the CEO of the Blockchain Innovations Centre in Bulawayo, Zimbabwe begged to differ. He states:
“We are in for troubles the moment we enter the month of November. The SegWit2x Hard Fork will dip price again as was witnessed in August with the first ever hard fork. For the network to fork twice in a year isn’t healthy at all. We need to find ways to prevent such debilitating actions in the community.”
When Core Media asked Prince whether he is a Bitcoin Maximalist to oppose a Hard Fork, he answered in the affirmative.
Will SegWit2x Affect Bitcoin?
As to whether Segwit2x is a threat to the Bitcoin Network, it is yet to be proven. It is amply clear that the August Hard Fork that ushered in Bitcoin Cash did not cause any damage, at least for now. In fact, it has offered more choices for the entire crypto community.
Also, looking at how we survived the first one it seems there is not much panic out there. The antagonism that characterized the previous one is unfounded this time around.
If SegWit2x is going to bring down Bitcoin price, then November 15 which is only a few weeks away will definitely tell. Until then, Bitcoin is now going bananas.