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Bitcoin bubble fears remain while growth worldwide increases

Bitcoin has been steadily climbing in acceptance but the fledgling state of bitcoin for payment is still overcoming challenges, reports CoinDesk this morning. A Bloomberg poll released yesterday shows that fifty-five percent of its responses from the 562 investor subscribers in the poll still question its ability to maintain its current price level.

Bitcoin Conference Held In New York City
Bitcoin Conference Held In New York City
Photo by Andrew Burton/Getty Images

A very small number at 6 percent do not believe a bubble is forming while 14 percent see a bubble on the horizon. Bitcoin had topped over $1100 USD equivalent in 2013 and did a forty-five percent drop after the Silk Road scandal and FBI arrests last October of the website owner and the drug dealer who utilized the site.

The remaining Bloomberg poll respondents of twenty-five percent are just uncertain if a bubble will burst. That leaves a wide range of speculation for the cryptocurrency that appeared in a white paper in 2009 on a tech chat room site. It was a response and an alternative to the 2008 global meltdown. Bitcoin is peer-to-peer and has no geographical boundaries or relationship to a federal reserve system such as the US Federal Reserve.

The Bloomberg poll focused on the perception of bitcoin of the US subscriber and the results indicated that only 42 percent of Americans could correctly identify bitcoin as a digital currency. There were 6 percent who thought that bitcoin was an Xbox game and another 6 percent thought it was merely an iPhone app.

While Bloomberg investor subscribers polled remain in a lower half in support of bitcoin the technology professionals are more aware of bitcoin and its value options. The Tech in Motion poll of 847 tech professionals responded 51 percent that they would like to be paid in bitcoin with a “yes absolutely" response. There was only 1.18 percent who did not know of bitcoin.

Buyer support for use of bitcoin was evident this past week when Newegg offered that all purchases made in bitcoin until July 22 would receive a 10 percent discount. Earlier today, an announcement came from Dell that it is now accepting bitcoin through a partnership with Coinbase. Dell is offering a 10 percent discount as well. Newegg also uses Coinbase as its exchange for merchant processing.

Dell is a 57 billion dollar annual sales leader which is four times the revenue amount than DISH which has $14 billion in sales revenue and had previously signed up to accept bitcoin. The technology sector leads more each week with bitcoin acceptance in use. California as the leader in technology-based companies has 1-800-Flowers.com announcing that it is accepting bitcoin and the online travel leader Expedia is accepting bitcoin.

Dell CEO Paul Walsh summarized the growing relationship of bitcoin and the consumer, "It is always our goal to respond quickly to our customers and ensure their needs are met. Partnering with Coinbase to implement this solution in 14 days is a prime example of the new, more agile Dell.”