“Wasn’t Bitcoin valued at over $1,000 last year, and now it’s around $200?”
“Bitcoin won’t last”
We’ve heard it all before. Several thousand times, each statement more forceful than the last. We’ve seen the death and rebirth of Bitcoin several times over, but with the recent price surge, the naysayers have been out in full force. It’s interesting how the perspectives differ in this regard – a slow, steady incline towards the $300 mark has Bitcoin users jumping for joy (and allowing themselves an ‘I told you so’) while the detractors are using the price increase as fuel for maintaining their distrust for Bitcoin in general.
While the BTC/USD price didn’t linger very long over the $300 mark, it is still holding strong close to the mark, and is fairing much better than it has been for a very long time. A quick glance at a price chart from the past month shows an incredible upward trend in the price – but without being a spike, aka something that is a complete fluke and destined to drop. Bitcoin is on the rise whether you like it or not.
1-month chart of Bitcoin. Solid run. pic.twitter.com/VhntSKJAeW
— Joseph Weisenthal (@TheStalwart) July 6, 2015
Currently, Bitcoin stands at just under the $300 mark – and while it might take some time to cross that threshold again, there are still positive signs. The volatility is a thing of the past. We’re unlikely to see a spike to $400 or a drop to under $200 any time soon, even though I think a major drop isn’t going to happen at all.
We have moved far beyond the above questions – those Bitcoin doubts and death sentences. Today we are faced with much more positive and forward-thinking questions about Bitcoin where we wonder just how far it can go. The reason for this is that many people who are adopting Bitcoins are also adopting the notion that BTC won’t replace USD and that’s fine. It will complement it. That’s what the Bitcoin backers have been saying for years and unfortunately it took many other people years to comprehend that. Fortunately, though, they did comprehend it and Bitcoin is now stabilizing and on the rise.
The applications available to Bitcoin users are seemingly endless, thanks to its basic attributes and the power of the Blockchain’s technology. For now forget the death and rebirth of Bitcoin, but just appreciate its ongoing (and steadily increasing) lifespan.