5 reasons to be optimistic about the future of Bitcoin and cryptocurrencies
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Answer 5 reasons to be optimistic about the future of Bitcoin and cryptocurrencies
If you focus on the headlines predicting that the future of Bitcoin and cryptocurrency is a dark one, then you get scared.
But at the moment of writing, 301 articles have been logged, I predicted that the cryptocurrency market is dead, especially Bitcoin.
Despite the sharp drop in cryptocurrency prices that the market is still alive in 2018, yes even with the sell-off in crypto prices this year.
We see 5 primary drivers, and infer 5 reasons to be optimistic about the long-term future of Bitcoin and cryptocurrencies.
1. The emergence of a completely new asset class
The cryptocurrency market is alive in 2018. It has emerged to survive thanks to the new services it offers.
Read:The rise in the price of Bitcoin coincides with the continued exit of Bitcoin from the trading platforms…Details here
Consider shortening the transfer time of international payments from 4 days to 4 minutes (as offered by Ripple), platforms that allow multiple payment methods with low fees, and peer-to-peer (P2P) transactions in different areas such as energy, etc.
There is mostly a financial aspect to crypto. This is why it is fair to consider crypto as an asset type or financial asset class, regardless of how the Securities and Exchange Commission (into a commodity) classifies it.
As can be seen in the first agenda, cryptocurrency as a new asset class is very small compared to all other asset classes in this world. They are barely visible so there is much room for growth.
We are convinced that the blockchain and the future of bitcoin and cryptocurrencies offer so much value that they will grow over time, and this growth has a lot of potential. It’s a matter of time!
2. Adoption is still very low
Here is the second reason among the reasons why we are optimistic about the future of Bitcoin and cryptocurrencies
Who remembers the internet bubble? Literally everyone had shares of these companies in the USA at that time.
Read:6 Facts About Ethereum (ETH) You Should Know
Now, however, only a minority of people hold cryptocurrency. How can anyone let this top of the bubble go?
According to this empirical research paper in the US, only 8% of Americans hold digital currencies:
Nearly 8% of Americans invest in cryptocurrencies such as Bitcoin, Ethereum and Litecoin, a survey of more than 2,000 adults revealed. By comparison, nearly 52% of Americans own stock, according to a 2016 Gallup poll.
What is even more interesting for Bitcoin supporters hoping to boost the asset’s popularity: About 41% of these adults say that nothing can motivate them to invest in such digital assets.
Gem commissioned the survey in part to understand what could influence investors to buy digital assets. Indeed, 50% of respondents said they would be willing to try the asset class in the future.
If your neighbor or any stranger on the street had come to you late last year and asked them what coins and crypto assets you bought, that would have been the height of the bubble. It wasn’t extreme at all, and the credentials make the point!
Compared to two years ago, only 2% of Americans were using Bitcoin. Although it’s not a perfect comparison, it shows how far away from the adoption perspective is, and how slow growth is.
Read:One of the most popular trading platforms contracts with the English Football League
3. Innovation is amazing
Number 3 of the 5 reasons why we are optimistic about the future of Bitcoin and cryptocurrency
The level of innovation is amazing. Below is an overview of all blockchain and crypto initiatives categorized in applications, middleware, and infrastructure.
Not all of these initiatives will stand the test of time, quite the contrary. We haven’t included this overview to show that all of these services are going to grow, and that you should “own” a portion of them.
However, what sets us apart is this similarity with social media. Ten years ago we saw similar overviews run through social media initiatives. Once the hype settled there were a number of companies offering real value. Think Facebook, Twitter (regardless of whether they struggle to be profitable), Sina and Alibaba in China, and so on.
Our view is that we’ve seen a very similar pattern in previous waves of technology: first an explosion of initiatives and catharsis and divergence only to see a number of really good startups grow over time, then the explosive prices of the winners.
We strongly believe that the blockchain and the future of bitcoin and cryptocurrencies will evolve in a similar way.
4. Bear market leads to serious cleaning
The fourth of the 5 reasons why the crypto market is still alive in 2018: catharsis.
The recent sell-off in cryptocurrency prices has led to many projects being discontinued and worthless. Many have revealed their true face: scams.
As mentioned many times 90% of cryptocurrencies will die. It looks like we’re 50% off now: out of nearly 2,000 cryptocurrencies, nearly 1,000 are found fraudulent or fraudulent. You can find the full list here at dead coins.
The digital currencies that offer real value have been preserved. They will continue to grow, and provide more value in the future even though their price is now lower.
A sharp drop from time to time is a good thing. It is not the reason that many “altcoins” are losing serious value, on the contrary! Given all the points made in this article, it is good to have a bear market that exposes all the fraudulent and weak projects and kicks them out of the market.
5. Bitcoin price remains in a long-term bullish market
Last but not least: the Bitcoin price chart.
Recently the internet has seen many news about bitcoin price predictions. There is “technical analysis” on the bitcoin price, which ranges from charts showing bitcoin in the last 24 hours to the most recent months. There is news about opinions of bulls and bears, and whatever is in between.
What matters is this: Bitcoin’s long-term chart is bullish. As long as the long-term bull market is intact, there is no cause for concern.
The long-term chart of Bitcoin is showing a clear pattern. The bullish market channel contains many teams. Bitcoin has gone from a super bullish channel to a low channel.
Note that Bitcoin has not even reached the lowest support channel. In other words, there is still a bearish potential in this huge market!
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