Cryptocurrency users do not consider 2018 to be the best year. It was not a boring year for Bitcoin. Rather, it was a disastrous year. People who expected the continuation of the bull market were taken by surprise. Those who didn’t manage to sell their coins in December 2017 needed some psychological support afterward.
The question on what to expect from Bitcoin in 2019 is still open. Will it be another boring year for Bitcoin?
Let’s go back into history. December 2017 was the time when Bitcoin’s price reached almost $20.000. The ones who managed to buy Bitcoin when the price per each was a bit lower than $20 couldn’t probably believe their eyes. The dynamic of the business world changed and so did the price of the bitcoin. Moreover, it wasn’t controlled by the world’s banks but was completely secured.
When people realized the true value of blockchain technology, the demand for it only increased. A market bubble made cryptocurrency users rich. Needless to say, people thought it wasn’t the end and wanted to invest even more money into it.
Some call the scheme ‘pump and dump’ that was well prepared by its promoters. Let’s not forget who did a great job arousing in people an eager want. We could hear about Bitcoin here and there in mass media. Mainstream media coverage of Bitcoin could increase its popularity.
The media was very active right before the prices fell. According to research in 2018, there were about 7,500 articles in the U.S. press regarding the Bitcoin. Forbes, International Business Times, The Wall Street Journal, Business Insider just couldn’t stop commenting on Bitcoin. According to the study, Business Insider and Forbes had coverage of Bitcoin that was mostly positive. Fox News, CNN, and CBS News also tried to build the suspense around the Bitcoin. Users can only wonder whether it is mass media experts who sent Bitcoin’s price sky high.
At some point, there was even a Bitcoin-focused episode in popular American sitcom ‘The Big Bang Theory’. 12.6M viewers heard about Bitcoin in 2017.
January 2019 left people disappointed. The Bitcoin prices fell to $3,747. After all these ups and down will cryptocurrency users believe in bitcoin again?
Some cryptocurrency analysts presume that Bitcoin is almost at its bottom. However, crypto investors don’t forget about the potential of Bitcoin. Possibly, another bull run will come showing excellent results.
So, most cryptocurrency users want to keep their Bitcoin and hope for the better. Since the price is much lower than in 2017, some people are still eager to buy it. If you are one of them, you will definitely need to consider regulations and technological advancements. There are many other aspects that can affect the price. There is high competition in the market. Let’s not forget that Bitcoin is one of the roughly 2,000 different types of coins.
Another thing that affects Bitcoin is government regulations. They didn’t cause trouble for one of the fastest growing “crypto-industries” right now – the Crypto Gambling industry. You can actually bet on the 2020 elections in the US using Bitcoin. Some cryptocurrency experts thought these government’s regulations were the reason for Bitcoin to fall. However, some countries only benefit from it. One of the best examples of benefiting country is Japan. The Japanese government managed to regulate Bitcoin and gave it more legitimacy. So, at the moment it stands on the same level as Yen currency. There are about 200,000 Bitcoin stores in Japan at this point.
From another hand, it is a completely new thing that needs some time, say ‘believers’ in Bitcoin. It can ease people’s lives. So, buying an apartment will be as easy as buying a cup of coffee. Moreover, cryptocurrency users can exchange Bitcoins quickly and anywhere they want. Cryptocurrency can change the way we do investment or business. At this point, it is like digital gold for a new generation.
Quite probably, the era of cryptocurrency hasn’t begun yet. And its users buried it too soon.
What should cryptocurrency users do in 2019?
There is still no answer on what will happen to the cryptocurrency industry in 2019. If users haven’t sold what they have, they can hold it for the better times. They still can make a profit.
There are a lot of new strategies popping out on how to make Bitcoin great again. However, at the moment cryptocurrency users can only read the tea leaves or check prediction platforms every second.
There are still reasons for Bitcoin owners to stay positive in 2019. First of all, it is not the first time when prices go up and down. It can be a natural financial market move. The second point here is that government agencies finally increase their acceptance towards cryptocurrencies and Bitcoin’s founders keep working on new projects.
So, the cryptocurrency market can get stronger in the nearest future, even if 2019 might turn out to be a boring year for Bitcoin.
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