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In the past eighteen months or thereabouts, the price of Steem has been on a steady decline. From a peak hovering above $7 in the January of 2018, Steem presently trades at roughly sixteen cents.
As a matter of fact, a recent article featured on CoinMarketCap.com pointed out that Steem has recently hit an all-time low against Bitcoin.
Although the altcoin market is generally down, some coins appear to be the worst hit. Unfortunately, Steem is not doing too well in that regard.
Despite the drawbacks, however, there are still reasons to be bullish on Steem. This article explores top five reasons why you can still be bullish on Steem.
1. The Release of SMTs
The release of Smart Media Tokens (SMTs), which, according to schedule, should roll out by the first quarter of 2020 will be a game changer for Steem.
For quite a long time now, the Steem community has been waiting indefinitely for the release of the SMTs but all to no avail.
Until very recently, Steemit Inc seems not to have shown enough commitment towards the development of the SMTs.
Nevertheless, there seems to be light at the end of the tunnel. The commitment towards the release of the SMTs, it would seem, is now in top gear. Also, the communication from @steemitblog has been excellent so far.
The release of the SMTs will lay a solid foundation for the tokenization of the internet by leveraging on the Steem blockchain.
Hopefully, investors and businesses seeking to launch their own tokens and build a community will come on Steem. And of course, that will have a positive impact on the price of Steem.
2. The Emergence of New Steem
The emergence of the New Steem is, frankly speaking, one of the best things that has happened to Steem.
The new economic model has, without bias, fixed most of the loopholes in the Steem ecosystem. From holding Steem power nearly for altruistic reasons, investors can now hold Steem power for decent returns from curating.
Also, the New Steem has discouraged indiscriminate vote buying and selling, to the extent that bid bots now curate good posts to earn curation rewards. What more can be expected?
Not only that, the free downvote pool has given everyone the liberty to police the Steem blockchain and sanction reward pool abusers accordingly.
It is therefore no exaggeration to say that the advent of the New Steem will positively impact the price of Steem in the coming days.
3. Tribes and Steem Engine
The development of Tribes and Steem Engine by @aggroed and @yabapmatt are also reasons to be bullish on Steem.
So far, several prominent tribes such as Palnet, Steemleo, Marlians, Stem, Lassecash, etc have emerged.
The interesting thing is that all the tribes have their own audience and tokens which can be traded for Steem on Steem Engine.
The idea of Tribes and Steem Engine may appear trivial to some persons but that's what has kept several Steemians on this platform to this very moment.
In the months ahead, the surviving Tribes will become stronger, create more opportunities for those who missed out in the early days of Steem, and attract more investors.
Surely, the success of the tribes will positively impact the price of Steem.
4. The Bitcoin Halving of May 2020
Whether you like it or not, whether you admit it or not, Bitcoin remains the king of cryptocurrencies.
Therefore, whatever happens to Bitcoin is very likely going to also affect other altcoins in the market.
May 2020 is very important for Bitcoin and by extension the crypto community. This is because historically the halving of Bitcoin has had positive impact on Bitcoin and other altcoins.
If history repeats itself, the year 2020 may be historic for Steem and other altcoins in the market.
5. Greed
Yes, you read that correctly - greed. Psychologically, greed is a constant human instinct which drives human behaviours and choices.
As I pointed out in the introductory part of this article, a few days ago Steem hit an all-time low against Bitcoin.
This is not going unnoticed for many large investors who were here during the last bull run. History has shown us that many crypto investors prepare to buy the dip and sell the peak.
As events are playing out, Greed and History will collaborate to bring back runaway investors. And that should have a positive impact for Steem, especially now when Steem Power has become gold.
Until I come your way again, I wish you a full Steem ahead.
Kindly follow the peerless vocabulary lessons presented by @majes.tytyty, and get rewarded with upvotes for your participation.
Vocab-Ability – "Introduction to Vocab-Ability"
Are you a minnow and you're already thinking of giving up on Steemit? Please don't quit. Kindly follow @Steemitcentral and use the steemitcentral tag in your posts to get some upvotes.
I am @gandhibaba, the young man who goes about carrying his magical pen, not his gun, in his pockets.
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Gif courtesy of @artzanolino
Great article! You really said it all, let's also encourage the minnows.
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Sure, more minnows will now get attention unlike before. Also, it's time for us all to buy Steem.
👍
~Smartsteem Curation Team
Thumbs up to the team! Thanks a bunch.
Well written man! 2020 looks to be a great year for Steem! 😎
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Thanks friend, sure 2020 will be a great year for cryptos from the look of things. Thanks for stopping by.
Bitcoin halving will surely bring a huge turnaround in the crypto community, it's an event to look up to! For second I thought the #NewSteem wasn't good until I got schooled by fellow Steemians on it's beauty, now I'm confident it will bring the required change.
Awesome post...it gave me hope for steem once again
Glad to know that you find this post inspiring - mission accomplished!
Friend @gandhibaba , I congratulate you, your five reasons are surprising and I must continue saying that I was just surprised with the fifth, There is nothing further than the reality of what you say and affirm with that fifth reason.
That's how greed is an internal part of every human, but you know that I could control and suspend and there are ways to do it. Do not depend on greed.
Regards friend ..
Howdy dear @gandhibaba.
Do you know what dear friend? I have been thinking that many abandoned steemit when they saw the price fall. This only indicates that I was here looking for a way to monetize.
But I say the following: if you want to monetize, then invest in BTC, ETH or something. Play the crypto market, buy / sell, Chinese candles and all those things that stress your life.
We who stay in steemit do it because we love and believe in it. Then our enthusiasm and optimism remain intact.
Soon we will have our reward for being loyal? I don't know, but I didn't come here looking to get rich.
Your friend, Juan.
@gandhibaba, SMT's are yet to arrive but before that the biggest positive change which rised on Steem Blockchain is Steemengine and i am really bullish about it because in my opinion Small Scale Projects can afford to Monetise their project here.
Posted using Partiko Android
It's good to know that you also share these sentiments too. Steem-Engine is a great project that keeps the community engaged before SMTs finally come into the scene. Thanks for stopping by.
Welcome and have a pleasant time ahead.
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i am from india, gujarat, ahemadabad and i love to see that you are fan of gandhi jee. gandhi is belong to my city. ♥
Dear @gandhibaba
I absolutely love your optimism. Unfortunatelly in a short term I strongly believe that STEEM will dive down and we're about to hit ATL (all time low).
There is just to many users who decided to give up after hf21 and started powering down. @chbartist is an excellent example. No more posts in last weeks and 15k SP being powered down.
Dumping that steem will create enormous selling pressure. right now binance suspended withdrawals and deposits so we're all safe because there is pretty much noone being able to power down and sell their steem. That won't last very long.
I fully agree that in a long term steem has a huge potential to get stronger and token economy isn't as damaged as it used to be. However it may take time.
Lets say that hf21 and hf22 did allow to fix some problems - > "token economy healing process" will last quite some time.
I'm seriously wondering how many people out there still believe that SMT will be rolled out anytime in our lifetime :P I am personally full of doubts. If those were same people who launched steem-engine and tribes, then I would have more faith.
Unfortunatelly it's hard to believe in STINC devs. I would expect their product to be full of serious and unresolved issues. Hopefully I'm wrong.
Also it's hard to tell how SMTs could affect price of STEEM in a long term. I understand that we will have to purchase some STEEM in order to launch SMT. But that would be only one-time payment. Any idea how are they planning to play it out?
To wrap it up: I would expect STEEM to go down below 0,1$ within upcoming weeks. There is just to many users discouraged with recent changes and it may be way to hard to balance out upcoming selling pressure.
Cheers
Piotr
That could be true considering the rising BTC dominance, although I doubt if we will see 10 cents and below.
@Chbartist is truly powering down, the same way several other users like @exyle and @anomasoul and even me are powering up. Whether the price is up or down, power downs and power ups will always happen.
SMTs will be a game changer like ETH was for those launching ICOs. Many projects will come on board and they will leverage on Steem.
Thanks for stopping by.
Hi @gandhibaba
Indeed. However it's worth to summarize amounts of power downs to realize that it's increasing right now and those who are powering up will have VERY difficult time to balance out selling pressure.
I really hope you're right :) I'm also quite optimistic about SMTs
Do you have any statistics to support these assertions? @Steem-data reveals that there were excess of power ups yesterday. I am curious.
I have been told that the technology for SMTs is already completed. Any thoughts, as this area is unclear to me.
Well, by saying that the SMTs tech is already complete I believe you mean its conceptualization but the actual coding isn't complete yet. SMTs will give everyone the opportunity of launching their own tokens which can then be traded against Steem. Another way to look at it is that SMTs will make fund raising on the Steem blockchain seamless. On top of that, many more voices can be heard because their will be many communities leveraging on their SMTs token. There are many more. Thanks for stopping by.
I was really only relaying what someone else was describing to me. Maybe part of the tech was complete. Also how will future SMTs differ from those tokens already on Steem Engine. This is something that I have yet to find clarity in.