Has The Bull Market Returned for Bitcoin?
In a twist of sorts, instead of bitcoin’s first chain-split hardfork sending price down under, it has fueled it up to an all time high of $3,339.50, some $350 higher than its previous brief all-time high of $3,000 on June 11th.
That was followed by a sell-off which nearly halved bitcoin’s price to what might be a bottom of around $1,800 on July 16th, with a sharp price increase soon after to $2,300, a segwit bull-run to $2,700, a Bitcoin Cash crash back to $2,300 and now the recent bull run to an all-time high.
That’s not what was meant to happen according to the hardfork naysayers. There was meant to be doom and widespread confusion. Bitcoin was meant to be over, done, gone, if it chain-split. People were to lose money, poor newbies would run to mummy and on and on.
What actually happened was what cooler heads predicted. The fork would unlock new value, giving everyone exactly what they want. Thus restoring confidence and optimism, leading to a price rise.
In this case, the price rise has been higher than many thought. That’s probably because bitcoin has become just a bit more interesting and cool. The currency has proved now you can’t control it. It has also proved its decentralized nature is inherent rather than a point of debate.
Rather than smoke filled rooms or closed door meetings, bitcoin has now shown its true governance in action. That of giving the free market exactly what it wants by forking, placing both currencies under its mercy.
That is something that has never happened before in this manner and shows the full power of bitcoin and any public blockchain based currency. You can’t choose your centrally issued fiat. With bitcoin, you get exactly what you want and no one can deny you such right.
If you want full blocks, empty blocks, or no blocks at all with IOTA, if you want smart contracts or simple multi-sig scrypt, Lightning Network or Raiden, Rootstock or the EON lot, you can have what you want in the great cryptocurrency amazon.
Where birds have flashy colors and some flowers even eat meat, where lions rule and snakes bite too, where elephants roam above them all yet get terrified by a little mouse.
The mix in this space isn’t too much different. The wall-street testosterone pumped jockey hangs around with glassy nerds, looked upon by flashy artists with the swindlers all around.
No wonder we are seeing what looks like a sharp V recovery with the combined market cap of all digital currencies nearing its all-time high of around $116 billion. Currently standing at just under $113 billion.
That’s more than many household brands. Eth and Bitcoin Cash have not yet even had their all-time bull run. So some are wondering, billions were cool last century, can this space manage a trillion?
I’m not one for hype, but the millenial generation is now entering a stage where their lives and careers are starting to stabilize after the confused teenage years and rocky early 20s.
They are now getting a stable income, maybe even settling down, with real purchasing power – perhaps higher than any other generation. They experienced first hand how the Middle East wars robbed them from some of the teenage fun. How the bank collapse ruined for many of their friends the early out of university years.
So when they look at gold they may think it outdated. When they look at stocks they may think it too stiff upper lip, when they look at cryptocurrencies they may think it as fun.
Because they’re not just buying something, but becoming part of a movement. A movement that returns money to the people. A movement that brings back investing to the masses, taking it off from the restricted and secluded VC ivory towers.
A movement where we are in charge. We, the free market. Where we have liberty and choice by just a click to get the exact thing we like and if its not on offer we’ll just code it and wala – it is now.
The young, those currently in university or just about leaving, will follow them. The old, those in the 50s or 60s, will hear them, because they are right. As such, real power has or is about to shift to the millennial generation, the late 20s early 30 somethings.
A generation that has found a solution in digital currencies where they may argue about bitcoin or bitcoin cash or ethereum or whatever else, but they all know it’s all just fun, not much different than brothers fickles.
For while some might see hate, I see passionate love between the three main ones. Sure, there are some currencies that objectively deserve polemics, but bitcoin, bitcoin cash, ethereum, some of the tokens, deserve the highest respect.
Because all three are pioneers in a very new world we are building. All three have sound bases, good foundations, great aims and either could lead. More importantly, the three currencies are all focused on actually achieving something that goes beyond mere price.
That is, they employ no tricks, through marketing or otherwise. They are not a get rich project, here today, gone as you sleep. They are serious attempts towards providing a solution to the problems the millennial generation saw and experienced as they were coming of age.
Their competition, therefore, although it may appear ruthless, it is in fact friendly. Long may it live and long may liberty reign above all three and above us all for a very, very long time.