Is Bitcoin Boring Now? (Bitcoinerx)
With Bitcoin remaining relatively stable over the last few months, has the world’s foremost cryptocurrency become boring?
One of the hallmarks of cryptocurrency over the last few years is excitement. When Bitcoin began to climb in value in 2017, the hype train went into overdrive, and investors began to dream of becoming rich and buying Lambos. The number of ICOs exploded, and people actively sought out projects to invest in to be part of the NEXT BIG THING. When BTC dropped dramatically in 2018, it was still exciting in that investors bought into the various dips in expectation that the cryptocurrency would rise again. Fast forward to today where BTC has been relatively stable for the past few months, causing some to label Bitcoin as boring. Is it?
Does Bitcoin Make You Yawn?
An article on Quartz put forward the thought that BTC is now boring, reflecting the coin’s current reality. The article cites that the price of Bitcoin has fluctuated between US$7,000 and $9,000 over the last two months.
This stagnation in volatility was remarked upon by Andy Bromberg, the president of CoinList, who said:
The overall crypto markets have a tendency to be event-driven, and in the past few months there hasn’t been news to send prices moving meaningfully.
Bromberg went on to say that the overall cryptocurrency ecosystem is moving into a new phase. He says:
What’s interesting is that bitcoin is becoming less correlated with the rest of the [crypto] market, an indicator of how its narrative, value, and popularity are emerging even more strongly. Because of bitcoin’s decreasing correlation, there’s a reasonable chance that the next time the market moves, it will be either bitcoin or the rest of the market, not both.
The fact that the booms and busts of Bitcoin have not been as pronounced this year was noted in the article. It is true that BTC and other virtual currencies are still volatile when compared to other modes of investment, but the lack of a breakout has caused a lull in excitement for hodlers.
Increasing Adoption is Exciting
While some may see Bitcoin meandering between $7k to $9k in value as boring, the fact is that BTC is worming its way even more into mainstream adoption.
The latest version of the Opera browser now allows users to directly send BTC payments to others. While Opera only accounts for 3% of browser usage, a total of 350 million people use it across multiple platforms.
The first quarter of 2020 will see BTC adoption explode in France as over 25,000 retail outlets will begin accepting the cryptocurrency as a payment option. A partnership between Global POS and the East2PlayPayment solution will utilize the EasyWallet app, which will automatically convert BTC into euros when spent at a retail establishment.
The number of Bitcoin ATMs continues to grow across the world. According to Coin ATM Radar, there are now 6,117 BTC ATMs in the world. There were only 2,057 at the start of 2018 and 4,107 at the start of 2019. Over 10 new cryptocurrency ATMs are installed every single day.
While being able to spend BTC to buy a cup of coffee isn’t considered sexy, the increasing mainstream adoption of cryptocurrency is exciting. Those who are looking to get rich quick will be disappointed, but those who want to have access to a functioning decentralized economic system are thrilled with the continuing developments. Who could have thought ten years ago that one could go into Office Depot or Barnes & Noble and spend cryptocurrency, via the SPEDN app, to make a purchase? The imagined future for BTC is happening now and it’s thrilling.
Images courtesy of Pixabay.