Post Bitcoin Halvening: Did we get there yet?
It's over a week now since the Bitcoin halvening event and though the number 1 cryptocurrency isn't worst off in terms of price, the numbers didn't really surprise anyone.
Although we expected so much (*in terms of price increase") will it be cool to say, "the hype generated by the halvening didn't live up to hype?"
The question I find myself asking on is, "did we get there yet?"
Maybe a different time?
Rewind back to 2017 and think what the price of Bitcoin would have been had the halvening been done then with the amount of hype and publicity it received in the last couple of weeks.
Possibly a $50k price I assume. 😂
It is no longer news.
The world is presently falling in love with cryptocurrency more during this pandemic even if 92% of people talking about have no idea how it works or exactly how it will be useful to them.
There were lots of price predictions thrown around before the halvening which saw lots of people rushing to own at lease 0.001Btc.
There were series of parties thrown to celebrate the event and also, there were just too many "financial analyst and experts" who were nowhere to be found during the downturn.
The idea behind cryptocurrency for many is, it's ability to make them rich overnight rather than the ability to make the monetary system become fair and transparent.
Is Bitcoin overhyped?
While I love the idea behind bitcoin, I think the people who go out to make a lot of noise about it in a bid to drive the price higher are doing harm to the brand than good. The way they make you feel guilty for not owning bitcoin makes it look like a ponzi scheme.
I know it is fun talking about what you like or love, but it should still be okay to see people who don't share the same passion for the same thing as you.
A daily transactional coin?
I don't see bitcoin being used as a daily transaction token because, from the "hodl" mentality (as being preached) so it has more value, the regular common man will not be interested in owning money he cannot spend when he wants.
Not everyone will be that patient to wait for the price to rise by some satoshi before they pay for groceries.
The idea of owning money either digital or fiat, is to be able to use it to make payment for goods, services and everything else.
What will be the next wave after now?
What will the enthusiast hand to hype about bitcoin post halvening?
Will bitcoin truly become a currency the world will spend on a daily basis?
IMO
Well, I believe there will be more monetary innovations (not saying Bitcoin isn't "king", because it is but maybe not everybody's favourite) that will be used to make transactions easier.
I believe when the Bitcoin crosses the $10k mark, the chances are high that it will go up to $20k this year. Cryptocurrency is a highly risky investment, i would not advise anyone to invest in it borrowed money.
The Bitcoin can and will become a currency on which the world can really on provided businesses and companies providing goods and services fully accept it as a means of exchange. We are yet to be there. More sensitization and awareness is still needed for mass crypto adoption.
Thanks so much for sharing.
Thanks for your input.
I am sure we may never get to a time where bitcoin will be the currency of the time because right now, it isn't something the people who really make up the "time" can afford.
Money that can be used daily should be accessible to all and not for a select few because they can afford it without sweat and also use it to enrich themselves.
Bitcoin is a store of value and I think if the thought is geared towards that, it will do well.
Pushing it to replace fiat, will make majority of the world's inhabitant poor and answerable to a select few. We don't want a refreshed slavery in a new form. IMO.
Stay Awesome!