Bitcoin has had an excellent month.
I have been saying since near the $240 level that it looked like an excellent buying opportunity and so far that call is looking good.
That said, however, as can be seen by the one year chart of bitcoin there is heavy resistance near $300.
A pullback to near $250 may be likely but a strong break-out above $300 would demand attention.
Bitcoin did garner a win last week, however, when the highest court in Europe ruled that bitcoin and other virtual currencies can be exchanged without taxes—just like regular cash.
“Transactions to exchange traditional currencies for units of the bitcoin virtual currency (and vice versa) constitute the supply of services since they consist of the exchange of different means of payment,” the judges said.
And so we continue to see different governments and court systems around the world wrestle with how to deal with the simple cryptocurrency.
Could some governments outlaw bitcoin altogether? Of course.
Would it mean the end of bitcoin? Absolutely not!
In today’s world, with governments and extortion (tax) agencies scouring the world trying to fleece as many of their tax slaves as possible and making it harder and harder to conduct trade there will always be a role for bitcoin. In fact, if they try to outlaw bitcoin it will only further emphasize the need to have some!
Our initial call on bitcoin was made when the currency was only around US$3.50 and it later ran up to around US$1,000 against the dollar, turning some subscribers that listened to us into millionaires. Our initial calls were presented in our TDV newsletter, which is now available for only US$39.95. See here for our special offer and our latest Survive Shemitah video.
Recently I had the opportunity to speak with “Bitcoin Jesus”, Roger Ver, an expert on bitcoin to talk about everything going on in the bitcoin space and why it is such an important innovation.
Originally Appeared At The Dollar Vigilante