Bitcoin (BTC) has become a hot topic amongst people with any kind of access to the Internet. The cryptocurrency made headlines at the end of 2017 as its price peaked at the whopping $20,000.
Since then, however, the value of the world’s largest cryptocurrency in terms of market capitalization, has decreased dramatically.
According to data from price tracking website CoinMarketCap, at the time of this press it is trading at $3,906 – an obvious far cry from where it was back in December 2017. It lost around 75 percent of its all-time high value and retail interest in it is seemingly fading away.
There’s Always This Thing About Bitcoin
While it’s undeniable that the cryptocurrency is going through its longest downtrend, there are also a few things that need to be considered.
For once, Bitcoin is already out there. People know about it. Regardless of whether retail interest is good or bad for its price, Bitcoin needs to be understood by the regular Joe. Why? Well, for once, if it’s going to do what it’s supposed to do, people need to understand it.
And while it’s true that the average person is probably a long way from understanding the technical side of Bitcoin (as perhaps so am I), the fact that he’s heard of it definitely increase the odds of him learning. Call me a fool, but that’s probably one of the first steps needed to achieve true adoption.
Going further, we’ve seen notable increase in institutional interest coming from traditional financial moguls.
Fidelity Digital Assets – Fidelity’s dedicated cryptocurrency arm aiming to provide infrastructure for Bitcoin trading and custody, recently announced the launch of their platform for select clients. For reference, Fidelity’s mutual fund assets under management in 2018 reached $2,086 billion.
JPMorgan Chase, a leading worldwide financial services firm with over $2.7 trillion of assets under management recently launched its own cryptocurrency dubbed “JPM Coin.” Despite all the negativity (which is probably justified) toward their so-called cryptocurrency, it’d be foolish to deny the positives of this development.
The list goes on and on but you get the point. Bitcoin and cryptocurrencies, in general, are getting more recognizable.
Bitcoin is SCARCE
Think about that for a second. Seriously, just take a moment to think about it. Bitcoin is scarce! Imagine how much money would a pound of gold cost today if there was no more gold left out there.
Bitcoin is capped. There will be no more than 21 million bitcoins out there. 21 million. That’s it. To stress this even more, allow me to provide you with a list of 10 cities where if everyone wanted to own one single bitcoin, there wouldn’t be enough.
- New York
The list goes on. There are more cities out there with over 21 million people currently living in them.
So, now, let’s process. Even if there is a tiny bit of chance that Bitcoin sees widespread adoption (don’t get me wrong – my position is that there’s a huge chance of it), can you really afford not to own one single bitcoin?
If you’re a smoker in NYC, for instance, where the base price of cigarettes is $13, all you need to do is quit smoking for about 300 days. It’s just an exmaple, I know that a lot of you reading this don’t smoke but I’m sure you can think of some other unhealthy habit you’re spending cash on you can quit.
So, can you really afford not to own Bitcoin? Share your thoughts down below!