I've been in crypto space since 2013 and STEEM since it's infancy in May 2016. While it's a "bloodbath" right now in the crypto markets, I thought it would be good to pause and share with you why I remain bullish.
First...Define Your Time Horizon
Time, in the cryptocurrency space, is different. A month is like a year...so much development, FUD, hacks, FOMO, ICOs, regulation. Also, when your portfolio can go up or down by 100% within a single month, it gets hard on one's nerve.
I have to admit, I'm not a trader and I can't speculate successfully about where the price will go from week to week...but I know where this spacecraft is heading over the next 2 to 5 years.
Don't get me wrong, there is a time to get profits or to buy back in, I've just been terrible at making those choices and after failing more than once, I decided to stand back, Hold On for Dear Life and plan for the launch towards the moon.
2017 Bitcoin Went Mainstream - 2018 Bitcoin Goes Institutional
It hasn't yet been recognized officially but blockchain tokens and currencies are an asset class apart from any other. Legally right now, many countries are trying to fit a square peg in a round hole by classifying it as a "commodity" or "equity".
That is temporary in my opinion. There will be a time when internet tokens powered by the blockchain will be an asset class recognized by financial institutions and they will have their place within a certain style of portfolios... most likely in the "high risk" section.
Institutional Money is what's coming for crypto. When strong custodial services will be made available by large institutions like JPMorgan or Goldman Sachs it's only a matter of time before this baby goes to the moon.
The Three main hurdles — regulatory uncertainty, lack of market infrastructure and institutional-grade data sources — prevent institutions from participating in the cryptocurrency market at scale but work is being done to make it possible.
The word on the street is that significant additional institutional money is being amassed and is waiting for the right conditions to enter the market — and expected to start doing so this year.
Conclusion
What will it mean for projects such as STEEM and other alt-coins? I am not completely sure to be honest but if history teaches us something, it teaches us that wherever Bitcoin goes, the rest of alt-coins eventually follows.
Are you ready for what's coming?
Photo by Andrew Ruiz on Unsplash
It's all still very new @cryptoctopus; I often see people using the comparison that these markets are like "The Wild Wild West."
I agree that it's wise to take a longer term approach. The underlying technology is still valid, and daily price watching doesn't change that. I came across a post in the last few days that suggested that the people who expect to get in and out of the markets and make a fortune in a single day are really not investors, they are pure speculators or even lottery players. The point being that they don't even care about blockchain technology, they are purely here to try to double their money — for all they care, we could be trading goose eggs.
It will be interesting to see what happens. I have to wonder whether these institutional investors CAN enter the market without "regulations," and if that is the case... will cryptos still be ANYthing like we know them, once the regulators are done?
All the best to you!
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I expect few more months of BTC correction before another bull run. When that happens BTC will again pull every alt up with it. Most of the "dead" coins will become alive again and there the space will again be filled with lambo memes.
Great article!
I would like to contact you but I can't seem to find any contacts for that matter.
I really thought this was going to be year, I mean with all the hype we had last year, man! But in the end this is great. I gotta admit my patience has been tested many times with the ups and down but like you, I'm in for the long game. We're still in gestation period. Cheers!
I just hope we don’t waste our hard work for nothing in the end
I think STEEM has a decent chance of going it's own way, even if BTC falls.
STEEM will go it's own way
Upvoted... :)
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Let's Grow Together
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Very good incites. Thanks for sharing..
the steem is independent I think its future does not depend on the btc
Crypto became dominant among retail sales in 2017. The next big wave is likely to come when bitcoin becomes the mainstream among institutional investors, which I hope and hope will be sooner than the next half @cryptoctopus
i would say the real reason of investors fear is its price volatility, it goes so unpredictible and at all these times people create so much FUD about it like - "BTC IS DEAD, BTC IS DYING, I LOST ALL MY MONEY " etc and such things make people worried and they dont like to participate.
even if they does, they see themselves in loss because of not being a GREAT HODLER !!
''if history teaches us something, it teaches us that wherever Bitcoin goes, the rest of alt-coins eventually follows.'' I totally agree! Great positive post in these ''blood bath'' times ;)
Really relevant post! Indeed Bitcoin was the first cryptocurrency making it the main reference in the cryptocurrency markets. It is hard to speculate based on the institutionalization of the Bitcoin. Some governments already started to put regulations in place, so let's see, we could go many places from here! At the end of the day, blockchain is here to stay. Which is why we developed a platform here at Blockbasis, where users can send and receive cryptocurrencies like Bitcoin, Ethereum and more with just an email address. Besides sending and receiving via email, users can exchange cryptocurrency on our DEX.