Bitcoin: More than a passing fad

Briefly: we support long speculative positions in the Bitcoin market, stop-loss at $440, take-profit at $620.

The Chamber of Digital Commerce (CDC), an initiative to promote digital currencies, has moved to form a political action committee to support Bitcoin, the Hill reported:

The Chamber of Digital Commerce, a month-old trade group for digital currencies and assets like bitcoin, registered a political spending group with the Federal Election Commission this month, according to recently disclosed documents.

The group is still in its infancy and has no immediate plans to support individual candidates, CEO Perianne Boring told The Hill. Still, formation of the PAC is a sign of increasing maturity for bitcoin and a signal that politicians could face political pressure to support virtual currencies.

“We’re in the very earliest stages of setting up,” Boring told The Hill on Monday.

“We haven’t really decided exactly what we’re doing. We’re just being prepared for next year, is really what we’re doing."

This is a further sign of developments in the Bitcoin community. While the CDC is not really sure what it’s doing, the fact that a PAC is being formed shows that the Bitcoin initiative is more than a passing fad. This is also a sign that in the future, Bitcoin might have a chance of being treated seriously by politicians. It seems that the first steps have just been taken. 

For now, let’s turn to the charts.
 

Bitcoin went down on BitStamp yesterday but the move wasn’t strong and the volume didn’t support it. A day of depreciation made us wonder whether the case for Bitcoin was still bullish. This is probably the same thought you’re considering. We provide our answer in the paragraphs to follow.

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