I remembered it back a month before the August Bitcoin cash (BCC-BCH) as I listened to Crypto News on Youtube re-run with Matt Beasly and Todd Butterfield dissect the cryptocurrency world and how people were reacting to the upcoming 1st Bitcoin hardfork.
And on my way to work I honestly had no idea how to react as there were full blown fear and buy trades bouncing off the walls as all traders were as young as we all could feel where the price of Bitcoin (BTC) hovered around $1828-$2509 as it rallied then retraced to its support levels. Yet what felt so young and raw about it was that, the Wallstreet hedgefund Managers, big financial institutions ,and high STAR profiled millionaire and billionaires were still doing their research on Bitcoins and cryptocurrencies as the likes of Ripple XRP, Litecoin,and Ethereum lay comfort in their market cap relevance before the Bitcoin Cash, Bitcoin Gold, and now the fallout from the suspension announced in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo -came along in which fueled a devastating market sell-off in Bitcoin from $7,200 to $6500 , even to as high as $7800 per token. While Bitcoin cash previously priced at the $500-$700 range is rocketed off to $1,000 as well as Bitcoin gold in its inception priced at $100 to even an unloved $90 in its futures pricing is now passing the $200 mark. So with all the drama that lay the altcoins in ruins , the question remains? What does the Bitcoin miners, and programmers trying to achieve? Indeed we can all fall back to consensus of "Money of the people makes the decisions" and the following the true path of what Satoshi Nakamoto had truly intended still remains nothing but a whisper and a dream in which only exists in a minds eye.
Now that China is out of the equation as a major player , Japan and South Korea is in a takeover mode as Asia is quickly adopting Bitcoin and cryptocurrencies. What will the future hold for Bitcoin with is scaling issues and investors running to Bitcoin cash for safe haven in the short term.
But what about the late-comers, the babyboomers who are late in the game? They have the most asset class and they are barely getting into cryptocurrencies only knowing of "Bitcoin" , and what will they invest into: and the answer is- Bitcoin, Bitcoin cash or Bitcoin Gold. And what about the masternode investors and the smart young money. Where will they get into?
One of the impending scenario that is looming will be that , when the Bitcoin market cap reaches 1 trillion USD sometime in the future, either Bitcoin becomes an asset used in a Stock Market index-like the Dow and Bitcoin Gold ,and Bitcoin Cash will be used like the Nasdaq index, as we can all speculate that 5-10 years down the road the top 30 cryptocurrencies like Ethereum,Litecoin ,Monero,Ripple XRP,NEO,and Ethereum Classic will be considered as blue chip tokens. As the flippening wont be as dramatic and as destructive as everyone had intended or imagined; As everyone's cel phone becomes a wallet and satellite powered celphones will reach the most desolate and the most impoverished areas of the world providing a personal bank in the palm of everyone's un-banked hands.
Or will Bitcoin simply merge with Bitcoin gold or Bitcoin Cash?
Only time will tell and that $12,000 Bitcoin will have to wait.
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