Is Bitcoin about to die in March 2018? Not likely. Ask yourself these questions “Who hates Crypto-currency?” Do the people hate it? Do businesses hate it? Do governments hate it?
The answer to all three questions is no. Bitcoin has gained worldwide popularity and has been embraced by consumers as a store of value and a desired new method of payment. Bitcoin has captured the people’s imagination who would like to see it fulfill its intended purpose as a global, decentralized, innovative, fast, cheap, private, and secure method of payment despite its growing pains: hacking, scams, deception, and price volatility. Despite all the FUD (Fear, Uncertainty, and Doubt) spread by the banks and the media, the list of Bitcoin supporters grow daily. From the average person who suddenly found hope in the opportunity to profit, to celebrities, to rich investors who launch their own coin as in the case of Baroness Michelle Mone.
Every major company in every industry is studying ways on how to incorporate Blockchain technology into their operations and how crypto currency could advance their social and market positions. New products specifically aimed at the crytpo market are being developed; from new cold storage wallets, to point of sale machines, to mobile apps to do market analysis. On January 07, 2018 the crypto currency market cap surpassed the $800 billion market cap and in the coming years it is expected to be a trillion dollars or more. Bitcoin represent good news for business and the economy of the world and companies know it. Top legacy companies like IBM (who is developing a Hyper ledger Blockchain), NVidia, Microsoft, Apple, Google, AT&T, and Amazon who are investing heavily in developing its technology.
The world governments are careful on how to best regulate crypto currencies without destroying the crypto market. Despite all the call for regulation due to tax evasion, money laundering, computer theft, and terrorism financing, no government has fatally damaged Bitcoin. China claimed to have banned crypto mining, yet it keeps growing and instead of discouraging its technology, rumors abound that a national developed Blockchain is in the works. Other countries like Japan, Switzerland, and Belarus want their countries to become the capital of the crypto world. All countries recognize the financial and technological potential Bitcoin and altcoins offer to their national interests. And while the current turmoil makes it difficult for world leaders to settle on crypto policy, at the end, they understand that digital currencies represent the future of global economy.
There is no shortage of reasons to shut down Bitcoin: it’s not environmentally friendly, it’s used for illegal and illicit purposes, it’s manipulated by giant investors, and last but not least because it doesn’t work. But all these excuses only represent a minority, mostly found in the banking industry who see Bitcoin as a competitor. But the reality is that Bitcoin is here to stay because it is wanted, and however annoying its price swings can be to some, Bitcoin is akin to discovering a new world, filled with riches and hopes of a better world. And hope can never end.