Bitcoin is no more news, the battle has gone beyond spreading the word, getting people to adopt the new technology. The most valuable cryptocurrency today, bitcoin, worth next to nothing over 10 years ago now costs over $11K per bitcoin. The success bitcoin has had today is tied to the volatility cryptocurrencies have received in recent years.
How Bitcoin Became This Volatile
It’s interesting to note that bitcoin hasn’t received so much attention since inception until 2017. The hype and noise have driven cryptocurrencies to their all-time high, most especially bitcoin which rose to a height of about $20K.
Bitcoin surged because so many startups raised funds for various projects which they claim will be destructive in various industries.
ICOs as they were tagged; initial coin offerings, gave people the opportunity to invest at early stages for massive returns. Some projects delivered, while some others scammed investors of their investments.
Because bitcoin was one of the few available at the time that was easily tradable for fiat, ICOs required that people send their investment in bitcoins, in exchange for the project’s native token (likened to shares).
This drove the price of bitcoin sky high – with a lot of people seeing the potentials of the digital asset.
Events in 2019 have shown that Bitcoin is capable of a global adoption without the hype around the industry. Nevertheless, we have hypes to thank for bitcoin’s acceleration – causing massive volatility toward the digital currency.
As indicated by the historical chart, before the start of 2017, bitcoin has maintained healthy consistent growth. But if that pace was maintained, its apparent bitcoin’s price will be way less than it is today – probably trading below $3,000.
What’s Next For Bitcoin?
Global adoption. Most definitely. But before this can happen, the world has to come to terms about Bitcoin, accepting it as a means of micropayment which it is designed to be.
People want freedom, privacy, not being restricted, among others. On the other hand, the government wants to control or monitor its citizens sometimes for good reasons, undeniably.
If bitcoin will become the official currency of the internet or a global currency, a lot of issues have to be addressed as bitcoin is still a nascent technology.