- The document discusses how mainstream media and investors are increasingly endorsing and adopting Bitcoin as its legitimacy and value rise. - It notes that media outlets in several countries are discussing the possibility of Bitcoin replacing reserve currencies like the US dollar as an alternative monetary system if its growth continues. - The document also outlines how adoption of Bitcoin is rapidly increasing in Japan, with major airlines and retailers beginning to accept it as a form of payment, and discussions underway to expand its acceptance to convenience stores and other retailers.

1. Suddenly, Everybody Loves Bitcoin
teamsteverhyner.com /suddenly-everybody-loves-bitcoin/
Earlier this week, China’s largest mainstream media company People’s Daily defined Bitcoin as digital gold, further
validating its legitimacy. Suddenly, investors and mainstream media outlets across the world have started to endorse
and adopt Bitcoin.
Bitcoin to replace reserve currencies
In the past month, Bitcoin has received more extensive mainstream media coverage than it did in 2013 when
interest in Bitcoin peaked.
Media companies and investment firms in South Korea, India, Australia and Japan have started to discuss the
possibility of Bitcoin surpassing the value of certain reserve currencies in the far future as an alternative monetary
and financial system.
Most recently, ABC News, a national news service in Australia produced by the Australian Broadcasting Corporation,
reported that it is possible for Bitcoin to replace reserve currencies such as the US dollar in the next 10 years if it
sustains its current exponential growth.
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2. Alternative financial network
Bitcoin experts including BitGo engineer Jameson Lopp also
suggested that investors and traders should consider basing off
the dominance index of Bitcoin on the global M1 supply against
currencies such as the USD, instead of altcoins in the
cryptocurrency market.
Lopp noted that as of now, Bitcoin accounts for around 0.14
percent of global M1 money supply and still has a long way to
go before surpassing the value of reserve currencies. However,
if the idea and the concept of Bitcoin overtaking existing
government-backed currencies to become the alternative
financial network are the focus of investors, supporters of Bitcoin should compare the dominance index of Bitcoin to
the M1 money index.
Still, the fact that mainstream media companies such as ABC News and Bitcoin experts including Jameson Lopp are
even bringing up the M1 money index into discussions about Bitcoin is a positive sign that Bitcoin is on its way
towards mainstream adoption.
Rapid adoption in Japan
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3. In Japan, mainstream adoption of Bitcoin is imminent, with leading airlines, electronics retailers and some of the
country’s most well-known and influential companies accepting Bitcoin as digital currency rather than as digital gold
and investment.
If deals with Japanese companies are pursued as planned, more than 300,000 Japanese merchants could soon
accept Bitcoin in the country and tens of thousands of convenience stores could start offering Bitcoin as an official
method of payment.
Genki Oda, the president of BITPoint, the company that led the deal with Peach – Japan’s largest budget airline – to
accept Bitcoin, said in an interview:
“We’re holding discussions with a retail-related company. By going through a company providing
payment terminal services to shops, we have the possibility of increasing its use at one stroke. It’s
easier than talking to lots of individual retailers. We’re also talking to a big convenience store operator
about using it.”
The demand and optimism toward Bitcoin as both a long-term safe haven asset and digital currency are rapidly
rising across the world. The only technical issue left to solve is scaling to lessen fees in order to facilitate the
mainstream adoption of Bitcoin.
Re-posted from www.cointelegraph.com by Joseph Young June 5, 2017
What’s not to love? You can use Bitcoin in a growing list of vendors. You can mine Bitcoin and build an
asset while you sleep. Sending a remittance? Easy as a few clicks on your computer. To learn more click
here. Email: steve@prplus.us
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4. Steven L. Rhyner
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