Editorial 2 July 2018Erik Gibbs
Stop the FUD: Mainstream media warns tokens may ‘go to zero’
Everyone with even a passing interest in the cryptocurrency market knows what is currently happening. All digital currencies are suffering through what seems like an endless lull and bearish market, with several coins losing a significant amount of their previous value. However, things aren’t as gloomy as some would make them out to be, and the general consensus is that we’re on the edge of an upcoming rally that will take the markets to new heights. That’s what the majority of the market watchers see, except Bloomberg.
Bloomberg reported on Saturday that, “The cryptocurrency’s 2018 crash may help cement its place in the bubble record books” and that “Hundreds of … virtual coins have all but gone to zero.” While there are a number of coins that are now obsolete, only a small handful have been dropped due to the current state of the markets.
Cryptocurrency is going through a growth spurt, a maturity of the space. As with any industry that goes through these changes there will invariably be some that cannot survive. The Bloomberg report also made a reference to the “dot-com bubble burst” as an example of what is going to happen to the cryptocurrency industry.The analogy is somewhat flawed, given that ‘dot-com’ is actually synonymous with growth and maturity. After the initial hype of the dot-com industry started to fade away, what was left were solid, viable, realistic websites and the same will be seen with the cryptocurrency industry.
BTC coin has already rallied from three days ago. From a low of $5880, it is trading at the time of this writing at $6,376 and has remained relatively steady. Bitcoin Cash (BCH) dropped from $702 to $653 in a day, only to jump to $758 a day later. It is still holding strong at around $743.
Bloomberg, which also dug up quotes from several months ago to support its position, also said that the bulls are staying away because of the possibility of regulations coming to the industry. Regulations have repeatedly shown to be a valuable tool in helping to inspire investor confidence, and there is no reason to expect crypto traders to think any differently—after all, they’re the same ones that have traded other vehicles, only now they recognize the potential of crypto and are making the smart switch.
Every industry that revolves around currency—on multiple occasions—has witnessed sharp declines and sharp gains. The fact that cryptocurrency is still an infant compared to virtually all others means that it must go through the growing pains. However, when it emerges on the other side, it will be better and stronger than ever.
We’re in the early stages of a currency revolution, and one that is being adopted by more and more users every day. Cryptocurrency ownership is still low—in the U.S. only about 9% of millennials have said they currently possess some type of digital currency. Since today’s millennials are tomorrow’s mainstream investors, this number will climb as we continue to move into the future.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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