Bitcoin could make up 10 percent of the $5 trillion average daily volume in the foreign exchange market in 10 years, according to Saxo Bank analyst Kay Van-Petersen. Its market capitalization could grow to $1.75 trillion which would make each Bitcoin worth $100,000.
On January 1, Bitcoin was trading at the day’s high of $1,003.25USD. On Wednesday, it broke through the $2,300USD barrier for the first time to hit a fresh record high of $2,377.32USD, according to CoinDesk, marking a year-to-date rise of 137 percent. To find out what’s driving Bitcoin’s rally.
Meanwhile, bullishness around bitcoin has stoked appetite for other cryptocurrencies. One in particular known as ether is getting traction. Ether has risen from $8.24USD on January 1, to a high of $203.30USD, according to data from Coinmarketcap.com. This represents a 2,367USD percent rise year-to-date
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As part of its push to foster innovation and fintech startup businesses in Australia, the government’s 2017 Federal Budget will cut the GST for purchases of digital currency, allowing Bitcoin and online games’ in-game money to be treated just like plain Australian dollars for tax purposes.
Please note: Independent Reserve did not and will not collect GST on the value of Digital Currency bought or sold during the Bitcoin GST period. For more information on the pre July 2017 GST policy check out our help section under the heading ‘fee schedule’.
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Click here to read the full story on gizmodo.com
Bitcoin is surging in Japan in regards to popularity and trade volume, since the country legitimized the digital currency as a legal form of payment this past April. Now one of Japan’s largest discount airline providers Peach Aviation Ltd. has announced it will be the first Japanese service to accept bitcoin for airline ticket.
Click here to read the full story on bitcoin.com
It’s official. Scott Morrison has announced the removal of double GST on Digital Currency transactions in the 2017 budget.
From July 1 , 2017, digital currencies will be treated the same way as physical money for GST purposes. That means the current situation, where someone pays GST twice – first on the purchase of the cryptocurrency, then a second time when spending it on goods and services – would no longer apply.
This is great news for the Fintech sector in Australia and puts the country onto a strong footing for future growth and development.
Full details in Business Insider.