Bitcoin’s price history went from $0 to $20K in eight years with years of price stagnation in between and a recent dive from ATH down to the bottom that is somewhere around $6,500.
What a ride!
The mainstream crowds came and left and those of us still on the wagon fear falling off and yet we hold for dear life because the life of Bitcoin is one that created an entire industry.
If you hold the slightest regard for history, you know that Bitcoin is crypto and crypto is blockchain and blockchain is the future that is happening now. It’s an industry that is creating jobs and inspiring people to learn and grow and push forward at full force because we have a chance of creating a new way of doing business and work and play and we’re at the forefront of a new industrial revolution. And it all started with the big B that used to be small not that long ago.
Bitcoin’s mega rise was met with the development of the following:
– USD backed cryptocurrencies like USDT (after BTC/USD/BTC arbitrage stopped being profitable)
– Asian markets’ push and pull (still in a tug of war)
– Bitcoin futures trading (think derivatives and the 2008 global economic crisis, i.e. not good)
– Government regulation (SEC, CFTC, and DOJ involvement)
– Price manipulation (rumors, news, and investigations)
– FUD (‘Bitcoin will be worth $1,000 in 2018’)
– BCH (‘Bitcoin Cash is the real Bitcoin’)
– Fraud (MtGox and Bitconnect)
– Crypto and ICO scams (hacks, swindles and ‘attacks’)
– Mega mining farms (there goes decentralization)
At the time of this writing a single Bitcoin can be bought for $6,879.18 which means that we’re once again in a recovery period, the third one in a three-month period.
“I just sold everything to buy back in lower. So don’t worry guys it’s about to shoot back up so I’m forced to Fomo back in for half of what I had.” ~ r/Bitcoin
The above is a message of stoic sacrifice made by a believer who is willing to lose to stay in the game knowing that the Bitcoin game is a game changer on a grand scale and we must keep moving forward despite the obstacles paving the way.
To be a true believer, it is important to see the bigger picture. We now have over 1,500 cryptocurrencies, up from 1 back in 2009. New ICOs and new cryptos are popping up every day and upping the game in the process. Big and small real world integrations and partnerships are happening and Bitcoin is a mainstream news topic.
At the same time, the price of Bitcoin is not only nowhere near ATH, it’s nowhere near 50% of its ATH. Predictions by proponents for this year range from $1,600 to $50,000 because ‘no one knows’.
– Bitmain IPO
– Bitcoin ETFs
While Bitmain’s IPO is becoming questionable and most Bitcoin ETFs are being rejected by the SEC, Bakkt is gaining ground and is said to plan to make crypto as popular as Starbucks.
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