This is an interesting title when the price of cryptocurrency is being beaten down. However, this article will not focus upon the pricing of cryptocurrency but, rather, what is taking place around it.
It is no secret that we are mired in a long-term bear market for most of crypto. Bitcoin recovered a nice piece of what it lost yet is still 50% off its all-time high. Since the start of 2018, the pricing of cryptocurrency has not sustained any moves up.
If we harken back to that time, with pricing action moving down, the media attention was remarkably different from today. At that time, FUD reigned supreme. Every opportunity to attacked cryptocurrency, especially Bitcoin, was taken.
We now see a different atmosphere surrounding cryptocurrency. Certainly, much of what is occuring in the DeFi realm is getting some negative attention. Many, including those within the industry, are coming out against what is going on. The comparisons to the 2017 ICO craze are apt.
However, this is not the entire story. Each day we see headlines outside what is occuring in that space. Most of these articles highlight the positive that is taking place and how things are expanding.
Just today, we see a few headlines that show how different things are.
Will Gold Bull Peter Schiff Change His Mind on Bitcoin? Crypto Twitter Backs BTC
Peter Schiff is a noted Bitcoin critic. He never misses an opportunity to slam the top cryptocurrency. In many ways he is like a politician; doesn't even worry about the facts. Simply state something like it is true and keep swinging away.
Now he seems to be softening up a bit. While not fully a "Bitcoin advocate", he is starting to change his stance to a degree. He now realizes that Millennials are not gold buyers, that is a Baby Boomer asset. Because of this, he feels many of the older generation could be missing investment opportunities, like Bitcoin, due to their lack of understanding and being unwilling to embrace new technologies.
Who would have thought?
Bitcoin ‘plankton’ wallets hit record — plus 4 more bullish BTC charts
Cryptocurrency is known for its whales, especially Bitcoin. Many point out how non-decentralized many tokens are since the whales control most of the distribution. Bitcoin certainly falls into this category.
Of course, getting more people involved is always a sign of growth. The latest analysis reveals that "plankton" holding within Bitcoin have shot up. This means that both whales and smaller users are stocking up on BTC.
Here is an outlook provided by Willy Woo:
“Bitcoin is a fast growing country in cyberspace with a population of sovereign individuals who prefer to use BTC for storing wealth and doing transactions,” stock-to-flow price model creator PlanB summarized.
He noted that Bitcoin has approximately 3 million users, making it the 134th largest country in the world, with a “monetary base” — market cap — of roughly $200 billion, ranking 21st globally.
https://cointelegraph.com/news/bitcoin-plankton-wallets-hit-record-and-4-more-bullish-btc-charts
Cryptocurrencies Now Accepted for 15,000 Restaurants in France on Just Eat
Cryptocurrency adoption also seems to be on the rise.
Here is a headline to an article that explains how, in addition to Apple Pay and PayPal, Bitcoin and other select cryptocurrencies will be accepted.
Using cryptocurrency for payment is obviously an area that has been lagging. We are starting to see some reports of establishments and other entities accepting them as payment. This will go a long way to removing the "mystery" associated with the technology in general.
Now when people ask what cryptocurrency can be used for, one can say for payment at 15,000 French restaurants.
https://news.bitcoin.com/cryptocurrencies-accepted-15000-restaurants-france-just-eat/
So while the price of cryptocurrency is giving investors heartburn, the industry, as a whole, keeps moving forward. During this prolonged bear market, we see how the development progressed. This laid the foundation upon which newer ideas are being built upon.
With enough pieces in place, people are going to find use cases. This will only enhance the attention garnered as more people find their way into this space.
Woo's comments about Bitcoin being ranked as a nation are very interesting. We are in the digital world now so it is not an insane comparison. For many, their online lives are more affected than by the decisions of their own governments. A change in government policy might be a pain in the ass but the same by Facebook could be fatal to one.
It would be interesting to see what Woo's analogy looked like if we took all of crypto. Right now, according to Coingecko, the cryptocurrency "monetary base" is $325 billion. Since I don't know what he used as the basis for his statistical assertion, it would be fun to guess where that would place things.
Of course, the major change would be in the number of users. While he claims there are 3 million Bitcoin users, there are a lot more when all of crypto is taken. According to Worldometers, if there are 50 million cryptocurrency users in the world, it would rank 30th, just ahead of Spain.
These are very interesting times in the cryptocurrency space and things keep expanding. The growth rate, while seemingly minimal, is actually explosive. Most of the growth, in my view, is not contained in these numbers. The smaller projects, that are moving from a value of tens of thousands of dollars into millions is where we are seeing the biggest change. Of course, they are still so small they do not rank on sites like Coingecko.
Cryptocurrency certainly is on fire right now. Each day we see progress being made. It is now starting to add up.
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It is great seeing the news increase in volume and number of stories for sure. Also encouraging is the slow sneaky acceptance it is garnering as crypto turns from tulip futures so something of the norm.
While it is fascinating watching and learning the value charts, I love every breaking story of the mainstream sliding slowly on the slippery slope that caught us those years ago.
When the fiat whales have their stake, the fud may subside and we will see a wave of real world adoption. Til then, slow and steady is encouraging and it set to win the race.
What I find really interesting is the thought process of when the fiat whales are not relevant. I can understand the infatuation with them since that is where the money center is. However, by generating wealth from within the industry, via development and the network effect, crypto-to-crypto takes on an ever growing meaning.
Thus, we will see a lot of wealthy people who can influence things without having to use fiat. Bitcoin is obviously the opposite of this since it is a token, for the most part, that must be bought. Nevertheless, we see many others emerging where people can grow their stake through activity rewards.
To me, this is the most fascinating part of what is taking place.
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It sure is an interesting place we are at right now. There is some really good value out there for people who are looking to invest in crypto. Once we see the likes of banks / trading floors moving to blockchain tech the whole crypto space will become a "normal thing" I suppose that is when we will see the masses invest.
Didn't I see something about a major investment house selling a crypto portfolio, or offering a crypto portfolio a while ago?
Yes I believe it was Fidelity that got into the game. It is for major players, $100K minimum investment but it is out there. I do not recall if it was just Bitcoin or a crypto fund. Either way, that could pull in some big money over the next few months.
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Thats the one Fidelity. As with most of these things Major players get to eat first, then the rest of the plebs get the scraps.
Well ironically, the plebes had 11 years to feast on Bitcoin before the major players got an opportunity through a fund like this.
Bitcoin will turn into a rich person's token in my opinion as the price increases and the wealthy jump in. But the rest of crypto, that is still everyone else's mecca...and it keeps expanding.
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Cryptocurrency adoptation in 2020 is so impressive. I have come accross several merchants that accept numerous crypto as payment through https://nowpayments.io/ a great solution for cryptocurrency payment at ease
Your current Rank (27) in the battle Arena of Holybread has granted you an Upvote of 19%
Really well-made article💪! Even with the sell-off that we are seeing at the moment, it's a great point that crypto is still much better on average than almost all of last year. And with Peter Schiff, he's honestly a old head lol, I don't think he'll ever change his mind on crypto.
Splinterlands cards alone are worth $5 million, and the only evidence we have of the project's existence on CMC is the Dark Energy Crystal listing at #3246
https://coinmarketcap.com/currencies/dark-energy-crystals/
Makes you wonder how many other projects with massive potential are growing quietly away from the spotlight.
Use vases for cryptos are going to be key. Glas to ser this development
Could it be that much of the FUD within the market that has sustained a long run of bearish sentiment is likely attributable to the efforts of large legacy financial interest? I would surmise that would be ample motivation to surpress the growth of independent cryptos unless and until the transition from the limited life span fiats to proprietary cryptos has been completed. In other words, the legacy financial powers that be will maintain their control over wealth by implementing their own form of cryptos. I think from their perspective, this is a winner takes all game and they will employ every tools at their disposal to win.
HIVE is going to $0.003
Right now a major issue is that HIVE is getting beat up by the bear. That said, there are also bigger issues with Hive such as a lack of outsiders knowing about it and a lack of interest from large investors or traders.
However, that will change, I believe, at some point in the future. For now, I think those who are involved have the opportunity to keep loading up through their efforts, both in HIVE and whatever other tokens one is interested in.
Over time, many of those projects, if regularly expanding, will get some attention.
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It won't, it's being raped by BTC price wise. And HIVE has guys that has abused Women and chased them away, HIVE is going to fucking Zero