We’ve been asked a lot about where IoT devices fit within the cryptocurrency revolution. Here at MyBit, it’s no secret that IoT is our main focus. But it’s not something that’s naturally associated with blockchain and cryptocurrency at all. Indeed, that’s why we see it as one of the best places to be right now.
Over the past twelve months, cryptocurrency has exploded. Many people have become multi-millionaires almost overnight. But it’s also a market that’s fraught with risk. Those same people have been hit with a decline in the markets as the bubble finally burst. And like any emerging market, it’s hard to know how to diversify and hedge your holdings, especially if the market declines even further.
So where are people going?
Traditionally, you’d move into stocks, bonds, real estate and cash. But savvy investors know that the traditional markets are suffering right now. (It might even be why they got into crypto in the first place…)
Predictions for stock market growth this year and beyond regularly mention one word: volatility. There’s more than a hint of irony that this is a term more often associated with cryptocurrency. Still, it seems apt.
In February this year, the Dow registered is biggest ever drop of 1,175 points in a single day. Bonds are suffering too. The US government has recently announced a 10-year yield rate of only 3% putting many investors on alert. And even the real estate market, once seen as the safest of bets, is starting to show signs of pressure.
That’s why it’s our opinion that there’s never been a better time to be in crypto — and, even more so, IoT.
For MyBit investors, the future’s bright. You own a share of the machine economy, a market that’s set to grow steadily into a multi-trillion dollar industry by 2020. You’re directly investing in revenue generating machines through Ethereum smart contracts. If this was a stock, you’d say the fundamentals are strong.
Unlike many projects, ours actually has real-world assets. Our platform generates revenue from actual smart devices — solar panels, smart benche, and ATMs — that are out there in the real world. This makes us more resilient to market changes than many of the projects in the crypto space.
And there are other ways projects such as ours are reducing volatility while outperforming traditional investments. Investors receive fixed returns on their investments, much like a bond, without having to lock funds up forever. And, crucially, they actually own their investment; it’s not some fund tracker. It’s liquid. They can sell at any time. And there’s no bank, or middleman — just automated smart contracts through Ethereum.
It’s why we see MyBit as a great way to diversify a portfolio while reducing volatility. We’re essentially creating a platform, much like a bond market, for crypto. Without any of the negatives currently holding bonds back.
So that’s all from us this week. We hope you’ve found this insight useful and it’s given you a good idea of where MyBit and IoT fit within the world of crypto. As always, feel free to reach out to us on Slack or social with any questions or thoughts.
One more thing:
Ian is in New York City right now and will be hosting a Meetup tomorrow! If you are in the area you are more than welcome to join the conversation. You can find more details about the event here.
Catch you next time,
Your MyBit Team