I get it, Bitcoin is in a "bubble". We are reliving 2000-2001 all over again with the Internet. Cryptocurrencies have been hyped to the moon and it is time for them to crash.
Obviously, I write this in jest. None of it is true. We are no where near bubble proportions nor will we see a crash. That said, yes there can be a pullback, even a major one. Cryptocurrencies are volatile meaning that a 20% shave is nothing in this market. However, we should not mistake a pullback for a crash. A crash in the cryptocurrency world is 80% or more ($HIVE going to 6 cents?).
You can find the article:
https://steemit.com/collapse/@zer0hedge/all-of-the-world-s-money-and-markets-in-one-visualization
The world is going digital. This should come as no surprise to people. Today, we see hundred of billions of dollars worth of commerce conducted online. This is a remarkable transformation over the past 20 years. Amazon is the poster child for this complete decimating the retail industry (in the US at least).
Over the next 5-10 years, we will see this number move from hundreds of billions into tens of trillions of dollars. At present the world has a GDP of roughly $80T with 40% of the population not involved in the worldwide economy. This is changing with the advent of the smartphone. Third world nations are coming online at record rates with more 500M people added in the last 18 months alone. We are going to easily see a worldwide GDP (I know a passe stat but it is all we have at the moment) surpassing $120T.
Tokens are going to be one of the biggest drivers of that increase. When you are operating in a digital world, you are going to use digital "money". Terms such as wealth and value are derived from different sources. Even today, we see a company like Facebook with no plants, very little equipment, and no tooling. Nevertheless, they are quickly separating themselves from a traditional company like GE which has a ton of manufacturing facilities, a basis for wealth in the 20th century.
This shift is going to cause the cryptocurrency market to explode. Ultimately, the tens of trillions in digital transactions are going to take place in cryptocurrency. I believe fiat will still exist and has its place. However, when dealing with goods and services outside a particular physical, geographic realm, fiat will not be the currency of choice. Tokens will be the go to option.
Cryptocurrency has the ability to make millions of people very wealthy. With so much appreciation in prices expected, it is easy to see that by having a few different currencies, take off is possible. While many will be skeptical of this idea, keep in mind that, at the moment, about 21% of the world's population lives in poverty as defined by the WHO. This means they are living on less than a dollar or two a day. Having access to the Internet will lift these people up very quickly. In other words, they become producers and consumers. So let me ask you, do you think someone in SE Asia or sub-Sahara Africa will use US dollars? Of course not. Their commerce will all be in cryptocurrencies.
Take a look at this statistics:
http://www.internetlivestats.com/internet-users/
So you tell me how something can be in a bubble and not have a huge upside when almost half the world's population does not even have an Internet connection. Do you see potential when another 3 billion users are online?
Remember, in the digital world, it is crypto that will be used....not fiat.
If you found this post informative, please give it an upvote and rehive.
Images found at https://pixabay.com/