I’ve been trading crypto for quite a few years and I get asked regularly, isn’t Bitcoin dead? I heard it dived again. It’ll never get taken seriously as a currency.
So here is my best answer to the naysayers.
Bitcoin and the majority of cryptocurrencies are absolutely here to stay. Maybe like the internet in the early days, we saw an explosion of new websites and .com brands that came and went like visitors to a Parisian bordello in the night. And with crypto we definitely saw this with the constant launches of new coins, with a new ICO every day. It was like the new frontier of making money and I must admit in the early days, I too thought might have been suckered in.
But with each coin that comes and goes, one seems to get stronger, perhaps despite everything. Bitcoin. Yes, its the granddaddy of them all, it’s slow, relatively expensive to trade and it is so volatile it couldn’t be used as a genuine currency (yet).
The thing is, it is a commodity. Like it or not, investors are on board, and when there is that much money behind something, it isn’t going anywhere fast. And, in 2018/2019, we have actually seen Bitcoin become a relative safe haven, like gold has been.
In fact, prior to it’s dip in late 2018, Bitcoin had been increasingly earning a reputation as a safe haven for investors looking to HODL. Yes, it lost around 20% of it’s value in a day – but it quickly bounced back and traded to it’s highest level since the December 2017 boom.
The tell-tale sign that Bitcoin is still going strong is that it hasn’t flatlined yet, and for every trough there comes a quick stabilisation and another peak. BTC then works it’s way back up to a relatively steady high level before wobbling again, and helping all those eagle eyed investors make some serious cash.
And you know what. The next generation of crypto that is coming through can only reinfoce Bitcoin’s popularity and stability. Look at Libra, Facebook’s long awaited crypto. If that is any kind of success, it is just a matter of time before Amazon or Google start to mint their own crypto and then we’re looking at a whole new world of currency trading.
So… Is Bitcoin, or crypto currency in general, dead? Definitely not. Mark my words.