Has Bitcoin become more like politics? – Cryptech Global

Cryptech Global – Let’s go back in time to September 2017, cryptocurrencies are making all the headlines
on all the major news channels. Forbes publishes ‘2017 Will Be Remembered As The
Year Of Bitcoin’, by the time we reach the end of November there is a hysteria around
Cryptocurrencies akin to waiting on the announcement of the next president of the
United States of America.

It almost seemed like there was a new ‘Crypto Millionaire’ being revealed everyday,
even some well known celebrities entered the ring announcing their new found
wealth, having purchased some ‘Bitcoin’s’ when they were only a dollar!

At that time at every conference, meeting, seminar or even at dinner, the conversation
would always get round to ‘how big is your wallet’ and I’m not referring to the wallet
that you keep in your jacked pocket, it was in reference to the size of your ‘Crypto
Wallet’. It almost became like a status symbol, look at my wallet, I’m holding over a
million dollars of cryptocurrency.

Several months on and cryptocurrency has almost turned into politics, by that I mean
It has become one those subjects not to mention around the dinner table. Yes in Q4
2017 the market was soaring at a rate of knots that even our own analysts couldn’t
have imagined. There was this air around the globe of ‘FOMO’ fear of missing out,
people searching behind the sofa looking for some extra cash to put into crypto.
After all the perception was, invest $250 dollars in cryptocurrency and you to could
become the next crypto millionaire.

In fact it would be true to say that we also created 1 or 2 crypto millionaires through
the same period, however reality is that the value of cryptocurrencies was being
almost solely by the media, the more they reported it, the more people came forward
to grab their 5 minutes of world fame as a crypto millionaire. I wonder how many of
those that came forward were actually crypto millionaires, after all one of the main
appeals of cryptocurrency is it’s anonymity, therefore did these people have to prove
they were millionaires or just announce it?

Yes that is food for thought and my guess is that it was a mix of both, as a company
operating in cryptocurrency everyday it was one hell of a roller coaster ride through
Q4 2017.

Then came the drop, panic and run for the hills period in Q1 2018, the price of Bitcoin
was dropping so fast it appeared that those that had jumped in on this new ‘Get Rich’
scheme felt more like they were on the Titanic, oppose to Space Shuttle heading for
the future. As we entered Q2 2018 I wouldn’t have been shocked if I had seen signs
outside peoples homes saying ‘Garage Sale – Bitcoins Available’.

The reality is that all this hype, hysteria and FOMO, was focused on Bitcoin and
other fashionable cryptocurrencies, when in fact the real value is understanding
the technology behind cryptocurrencies, this is where the real wealth will be
found. Blockchain isn’t like plastic that you print a credit card on and all of sudden
It’s valuable, it is so much much more than that.

Yes, I am lucky, I work in the industry, yes I have seen some truly amazing concepts
for the future utilising blockchain technology. Whilst Bitcoin hit some truly amazing
figures in 2017, it has since levelled out at a more stable rate around $6500, due
to fact that cryptocurrencies are decentralised there is nothing to say that Bitcoin
will exceed the highs of late 2017 with a surge at the end of 2018.

Whilst that would only be classed as a prediction, what I can say is ‘Blockchain’ is
most definitely here to stay, we spend a lot of time educating our clients on
Blockchain, what it is in layman’s terms and where it is going.

So to sum it up, all those that were jumping ship earlier this year, it has enabled
the real believers in cryptocurrency to follow behind, buying up cryptocurrencies,
after all cryptocurrencies have been akin to be the modern version of gold with
a buy and hold strategy the way forward.

Alistair Manning – Cryptech Global

14 Comments

  1. I definitely had FOMO when Bitcoin’s value surged last year. But I don’t think it’s too late to invest in it either. I have high hopes that it will do it again regardless of all the regulations being put forth on it.

    • Me too! That’s why I invested 20% of my savings on cryptoassets haha. I believe it is the best time to do so.

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