At the height of the cryptocurrency and Bitcoin (BTC) hype back in December, you could not open a news channel without hearing the mentioning of Bitcoin at some point during the broadcast. The same thing would happen when you were having dinner or lunch with loved ones during the holiday season. Everyone was all amped and hyped that Bitcoin (BTC) is this new cryptocurrency that will solve all the issues such as transaction security, decentralization and even provide a means to revise your retirement schedule to an earlier year. The phrase ‘When Lambo?’ was as common as the universal salutation of ‘Good Morning!’
But this is not how things panned out. The crypto-markets experienced one of the greatest declines right after the CME Group and CBOE started offering Bitcoin Futures on December 17th. Some crypto traders have even gone to believe that this two firms caused the decline of the King of Crypto.
However, Brad Garlinghouse, via an interview to CNBC would put forth a new theory. That Bitcoin would not solve all the problems people wanted it to solve and that perhaps it was reality kicking in as new cryptocurrencies gave more utility and purpose than just a store of value.
Brad was quoted as saying the following:
I think [Bitcoin is] not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems. Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.
He would then suggest that we might be at the cusp of an equilibrium between the hype and buzz in the crypto-verse. This is as a result of crypto-traders and users, realizing which coin and projects solves a real life problem rather than buying and trading due to hype as was the case during the infamous Tulips Mania in the 17th Century.
It is therefore with the above comments by Mr. Garlinghouse, that it is safe to say that the hype of Bitcoin is fading away due to other projects ‘stealing’ the show in terms of solving real life problems rather than being a speculative store of value.
So will Bitcoin (BTC) die a natural death?
Bitcoin will still be relevant for some time in the crypto-verse. The exact time frame cannot be predicted for this industry is in its infancy. What the reader needs to be reminded is that the crypto-trader, HODLer, user and investor of an ICO, is the person who decides the future of this crypto-verse. This means that the fate of Bitcoin is in fact in our hands and despite what many crypto-enthusiasts think is market manipulation by the top Wallstreet firms.
We decide the fate and use of our favorite coins and tokens.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.