It Is Time To Remember Why We Love Bitcoin
Now that bitcoin price is having a hard time exceeding $3,700, crypto enthusiasts keep supporting the main cryptocurrency — and they are not alone. The last year clearly showed that the digital progress — namely, the blockchain revolution and the development of the cryptocurrency market — cannot be ignored any longer. Even the United Nations recognized this in The World Economic and Social Survey 2018, saying that blockchain is a frontier technology along with the artificial intelligence (AI) and Big Data. So let's just forget about crypto skeptics for now and remember why people are in love with bitcoin.
Even now, in early 2019, Brian Armstrong continues to declare his love to the main cryptocurrency. He is confident that Bitcoin hasn't exhausted its potential, even though the current market situation is eloquently called “crypto winter”. This is due to the longest bear market that has lasted for more than 400 days with still no end in sight.
“Bitcoin is one of the most important inventions of all time and has launched a global movement. It’s awesome to see an entire ecosystem spring up around it, but Bitcoin is my first love.”
Brian Armstrong, CEO Coinbase
Yet, not everyone shares the view of Brian Armstrong. As it usually happens, crypto enthusiasts has divided into two groups. The first one is confident that bitcoin price will fall to around $3000 and stabilize at that level. The second group believes that the bitcoin rate growth is yet to come and will be explosive. They foresee the price will reach several tens of thousands of dollars.
Crypto winter won’t last forever
A crypto investor and blockchain adviser Josh Rager claims that in a couple of years the high price of 1 BTC will make the cryptocurrency inaccessible to the majority. He's sure that in the next few months it will hit the bottom, then a long period of the bitcoin rate growth will begin, and finally by 2021 a new record will be achieved.
An anonymous crypto trader known as “200M_trader” has similar views. At one time, he managed to earn $283 million in crypto for just one month. In his February interview, the trader stated that the downtrend will not last long.
“The market has cycles, and it’s important to remember this during both the rapid growth and the strong downfall. It’s also just a matter of time when the big players will enter this market well and truly. We have this time for now and we need to act.”
If you look at the logarithmic scale of the bitcoin price chart, the cyclicity is evident. The big players mentioned above are institutional investors, and the market does await their arrival in 2019. The question is when financial regulators give their permission and when new crypto assets will be launched. Every week counts. The fact that more and more online platforms seek to trade bitcoin derivatives suggests that the market is bracing for large investors to enter the stage. This will definitely drive the price up, and — good news! — this is not the only engine for growth.
As it is known, the mining reward halves approximately every four years. The halving reminds that bitcoin emission is limited, which leads to the bitcoin rate growth every time. Now the reward is 12.5 BTC per block, but the moment when it gets halved is inexorably coming. The next reward-drop date is May 24, 2020. Decisions are yours, but we would advise you not to shed your bitcoins so quickly.
Limited emission is one of the reasons why people love the first cryptocurrency. This is what distinguishes bitcoin from fiat and many other digital coins. Bitcoin is free from inflation and financial intermediaries, but the main thing is that it doesn't lose its relevance. You should love bitcoin in the long term, and only then this feeling will be mutual.