There is a lot of buzz around Bitcoin’s price dump. Some are speculating that it could go to 1,000 dollars. Some have threatened to dump their stake to force it to go to that level.
Many users have panic sold Bitcoin after the BCH civil war started. Coindesk reported a while ago that Bakkt listing of Bitcoin will be delayed. That may have had some influence in the price as well.
BREAKING: In a new notice, ICE Futures U.S., Inc. says it will list the Bakkt Bitcoin (USD) Daily Futures Contract on January 24 of next year. Source
Some people in twitter were complaining that insiders dumped BTC after they realized bakkt won’t add BTC until 24 Janurary of 2019. Whatever is the cause, if Bitcoin has true demand and use, they shouldn’t matter. There is no world war going on. And bakkt will still list BTC even if it is a few months later.
Bitcoin is the first cryptocurrency and it is mainstream in the crypto community. It has always been the number one cryptocurrency among cryptocurrencies. It is used widely and most stores that accept crypto payments accept Bitcoin.
It has high potential for growth and a lot of room for growth. I don’t think its inherent demand will allow it to go below three thousand dollars in the next few months. I won’t comment on what might happen in the far future but I do have hopes that it will be adopted widely and blockchain education will spread worldwide.
Many big companies have invested heavily in crypto. I don’t think all projects they are going to build will die. Overstock is betting fully on cypto’s success. CNBC recently reported:
Overstock plans to sell its decades-old retail business in the next few months to make way for a full-blown bet on blockchain.
The previously announced sale plans could go through as soon as February, the company’s CEO told The Wall Street Journal in a report published Friday. Overstock founder and CEO Patrick Byrne — an ardent believer in the technology that underpins bitcoin and other cryptocurrencies — declined to name any of the potential buyers.
Shares of Overstock surged as much as 26 percent Friday but the stock is down 66 percent this year.
I don’t disagree with Nouriel Roubini that Bitcoin is the most “over-hyped — and least useful — technology in human history.” This is true for now because of some limitations of cryptocurrencies. Crypto wasn’t widely used until 2017. And when it started to get used a lot, its flaws started to come out. One of which is scalability.
If crypto can solve its scalability problems, it will have the power to compete with other methods of electronic fund systems such as VISA. And that will open its door to mass adoption. Crypto also needs organizations such as coinbase and Binance to come forward and help make crypto easier for the average person.
Crypto is assume if the user who is using it knows what he is doing. But often the new users don’t know how to use it. But more and more crypto projects are now working on user experience so that blockchain technology can be used by everyone. The projects that have been developing stuff for the last few years aren’t going to die out of nowhere.
Yes, they may have a year of financial crisis but many of them will rebound. So, will the crypto market. The above stated reasons are why I think Bitcoin as the king of crypto won’t go below 3k in the next few months.
Everything I have stated here are my personal opinion, not financial advice. Please don’t invest assuming these predictions will come true. Things could turn to the opposite and price could fall further as well.