The opportunities of cryptocurrencies are now well known, in fact, if you look at recent Alexa ranking of cryptocurrency related websites such as Coinmarketcap, Poloniex, Blockchain.info, Bitcointalk, and others have all gained significant traction in the last weeks to months. These statistics has gain the attention of major players in the world financial system. It has led to some countries banning cryptocurrency related activities such as ICO's and encourage others to start a dialogue on the matter. The resilience of cryptocurrency like Bitcoin in the face of heavy regulatory pressure and rejection cannot be ignored. Here are some major events that have impacted Bitcoin in the last couple months.
Source: Coindesk
Within the last three weeks, the cryptocurrency market has seen major volatility with measures from China influencing the price in one way or the other. These measures include banning of ICO's and significant regulatory pressures on exchanges resulting in some closing down their operation. Bitcoin also wake up to criticism from the CEO of JPMorgan & Chase Jamie Dimon accusing the cryptocurrency of being a "complete fraud". Nonetheless, Bitcoin and other cryptocurrencies has shaken off these ebbs and continue to trend higher. This chart below shows bitcoin performance in 2016, a performance that mirrors and probably would better at the end of 2017.
Today we saw shares of Goldman Sachs trade higher after it made an announcement that it was "weighing a new trading operation dedicated to bitcoin and other digital currencies". This is a complete contrast to the likes of JPMorgan & Chase after its CEO indicated that it would fire anyone he caught in the firm trading the digital currency. Probably a less known fact of Bitcoin meteoric rise to USD 5000.00 per coin saw its market capitalization within 5 billion USD of surpassing the then 86 billion marketcap of Goldman Sachs and the 83 billion marketcap of Morgan Stanley. Interestingly enough, Bitcoin saw some profit taking measures and relentless assault attack coming in the form of China regulatory pressure to Jamie Dimon claims to general FUD spread by those seeking varying motives.
In the last week Bitcoin and cryptocurrencies in general got a fair (better put 'FEAR') endorsement, and I say this with a pinch of salt because her timing seem to calm the FUD growing among those countries where Bitcoin and Blockchain technology education isn't well established. That endorsement came in the form of IMF chief Lagarde stating "Ignore Bitcoin at your peril". She further went on to say that digital currencies, such as Bitcoin, don’t currently pose a major threat to the status quo, as they are “too volatile, too risky, too energy-intensive.” However, she highlighted that virtual currencies “might just give existing currencies and monetary policy a run for their money.” As I said earlier I take these statement with a pinch of salt because history has shown that their stands and policy often reflect a double-edge sword.
Today I see opportunities, I see some hope, as the Bitcoin and other cryptocurrency can bring relief to the fiscal misfortune that many countries currently suffer. I see Bitcoin and other cryptocurrencies raising capital markets to countries and business like never before. I see opportunities for innovation like Smart Media tokens from Steemit Inc adding a layer of potential funding for budding entrepreneurs from all over the world that are cut off from their financial system. I see cryptocurrencies like Bitcoin, Dash, Litecoin, Bitcoin Cash adding fiscal stability to people living in countries like Venezuela and Zimbabwe. I see blockchain technology being used to raise funds for disaster relief measures by cutting off the corruption that currently exist as the transaction can be made public ally available getting funds to those who need it the most.
Today I see opportunities, there is room for everyone, no one should be left behind. We just have to build on the technology that currently exist, make the codes better and focus on making planet Earth a better place we all can enjoy.
Tell me what opportunities you see???