The most amazingly positive thing, in the crypto-universe, has been how well Bitcoin is doing, even after the rewards halving. People who are still skeptical about Bitcoin's future need only to look at this fact, to understand that Bitcoin is no longer a "miner's currency". A few years ago one could make the argument that Bitcoin was fueled mostly by those who were creating it, through the purchase of specialized mining hardware from China, bought with BTC, and through the use of services, like Nicehash, also paid for in Bitcoin.
Traders of course have always been a part of the eco-system and their activity has added greatly to growth, and to sustaining the price, but what is happening now is something quite different. Investors are more and more, looking upon crypto-currency as real currency, if not as serious commodities.
Case in point, as reported by Bloomberg on Oct 24th, "Bitcoin Jumps to Three-Month High as Yuan Weakness Fuels Buying" ..
Bitcoin rose to an almost three-month high amid a surge in volume as the yuan extended a six-year low, bolstering Chinese demand for alternative assets.
With the performance of gold, as an asset, being somewhat lackluster, in response to the devaluation of the yuan, Chinese investors moved into Bitcoin as a hedge, in no small numbers.
But Bitcoin has been doing quite well on its own, thank you very much .. it has risen 80% since it's most recent low in 2015 - there is no reason why people should not be confident that it will continue on this trajectory, with the increasing numbers of people who learn about it and go on to make use of it.
Bitcoin, the New Gold?
In June of this year, CNBC quoted Chris Burniske, a blockchain analyst and products lead at investment manager ARK Invest, describing Bitcoin as "digital gold". He points out that there is a great deal of fear in the markets, people running from one investment to another to secure their assets, with growing uncertainty all-around. More and more are looking toward Bitcoin, and other crypto-currencies / technologies as a safe haven. Although he did point out some necessary improvements, namely transaction speed - which is on the drawing board in the form of Segregated Witness designed to reduce the size of each blockchain transaction.
These market conditions, along with amazing technological enhancements, making blockchains faster, smarter, and anonymous if so desired, we are truly on the verge of something .. wonderful! The youth of today are ready for the change - they have the need, and they understand technology. Economic uncertainty, rapidly decreasing faith in centralized systems, including government itself, are all meeting at the same focal point .. the revolution is well underway and blockchain technology is its infrastructure!
