Bitcoin is on the verge of a great comeback
Bitcoin is facing a great test, showing if it can withstand its value during a wide market crash. Sadly along with other crypto currencies, it has failed. The price of a bitcoin has fallen 43% in the last month, and shows signs of falling even more. With that said, this is not the end of bitcoin. Bitcoin has taken a hit along with all companies trading publicly, but it has been treading water since it hit the $5000 mark.
“Bitcoin is built for these events,” said Keld van Schreven, co-founder and managing director at blockchain investment firm KR1.
“Bitcoin, ether and other crypto networks needs no bail out or QE. They just need a handful of servers to run, verify and complete transactions. Bitcoin, ether and other crypto has taken the weakest link out. This only makes it stronger.”
Whatever the bitcoin price does amongst the chaos ahead due to the coronavirus, it will need increased demand to bounce back. Bitcoin is inconsistent and very volatile, and is searching for new demand to survive as it cannot be copied or printed. This said, holding one for the upcoming years could benefit you as we see more and more reasons to buy bitcoin. Bitcoin is censorship resistant money, it makes cross border payments possible, and also provides an easy way for people to escape failed government monetary policy. I see bitcoin soaring rather than sinking in the upcoming years ahead.
March 18, 2020