Are you tired about hearing the word Bitcoin, Cryptocurrency and forks? Of course not, because with the recent $1000+ dip bitcoin experienced, then rebounded – traders just can’t get enough of the crypto. Although I’m sure certain bitcoin traders freaked out, jumping the gun (and out of their BTC positions) the one’s that realized that a 29% drop paled in comparison to the over 700% increase bitcoin’s price saw from last year, seemed to be more.
How do I know this you ask? Well bitcoin is based on supply and demand – and since supply is restricted bitcoin is largely fueled by demand for it. The past few drops (due to the same reason more a less as the most recent dip – a fork or the threat of it) 40% in September and 38% July – compared to the most recent 29% drop, reveals that less people exited the cryptocurrency than before.
This isn’t without reason either – bigger institutions are becoming increasingly interested in cryptos. At the beginning of the month CME Group (an exchange operator) announced they intended to offer bitcoin futures later this year. They aren’t the first to warm up to bitcoin either – multiple hedge fund managers and financial market shakers have been talking openly about institutions picking up the crypto. Former Fortress Investment Group hedge fund manager Mike Novogratz said it’s just a matter of months.
On the hand, many very verbal, very public billionaires like Warren Buffet, Mark Cuban and Howard Marks think bitcoin is a bubble – but there’s a bit of a caveat here. Although they believe it’s a bubble, they see the merits and value of the underlying technology – blockchain. Cuban has actually said that it is quite possibly the future of transactions.
One of the most vocal supporters of both bitcoin and blockchain technology is eccentric but disgustingly successful Richard Branson – believing that this could be stand as an economic revolution.
No matter what the experts say, just days before bitcoin inched towards the $7900 mark, dropped to just north of $5600 and has been in the region of $6500 today (indicative price). This is a new currency frontier and the only way to gauge its longevity is just to keep watching.
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