After the bloodbath of 2018, there now appears to be some positivity creeping back into the space. The beginning of another Bitcoin bull run is far from certain, BUT there are some strong indicators underlying Bitcoin that one should consider.
- The market overview since the beginning of the year, we can see upward movement of Ethereum, EOS, Litecoin and some of the other large cryptos are all on an upward trajectory. The market cap and daily volume have all increased significantly. There are some who believe that altcoins and Bitcoin compete for users and capital. But these products are economic complements, not substitutes. The cryptocurrency market is still minute in comparison to all other markets. As the historical trends have shown, the success of one cryptocurrency generates interest and demand for other cryptocurrencies.
Cryptocurrencies are easier to buy
2. The last year has seen it easier and easier to purchase cryptocurrencies. Exchanges and wallet custody startups have been working feverishly to gain new customers and make the process of buying and storing cryptos much easier. In January Binance, the largest crypto trading exchange on the planet announced it would allow users to buy crypto with credit cards using Visa and MasterCard.
We are see lots of new apps coming online, some with debit cards attached, meaning it is a simple process of spending cryptocurrencies too.
Indeed I haven’t used a traditional banking card for over 1 year! Even if you’re not internet savy. Bitcoin ATMs are popping up all over the place, making it easier to buy Bitcoin than ever before.
Governments Embracing Crypto
3. Governments around the world are standing up and taking notice of the the technology, countries such as Ireland, South Korea, Paraguay, Australia and many more are all actively getting involved. Paraguay recently announced that it intends to build the worlds largest bitcoin exchange and cryptocurrency mining outfit. Additionally, the government is providing five plots of land, a total of 50,000 square meters, for the launch of the project. The Paraguay government will actively support the project and provide tax breaks through constitutional revisions. Now, the last part of that quote is very significant. The acknowledgement of the existence and legal status of cryptocurrency via constitutional changes is a major step forward in legitimacy of cryptocurrency.
Major retailers are getting involved
There has been lots of rumours lately weather Amazon will be getting involved with cryptocurrencies in the near future, following reports the company has registered names related to cryptocurrencies. CNBC reported the domain registrations last November, as of yet, it is unclear what Amazon is actually planning, with some suggesting the may even be setting up their own cryptocurrency exchange. Only time will tell, but they are up to something.
Moving away from Amazon, Rakuten, “the Amazon of Japan” announced in this months earning report,
A major update for its mobile app platform Rakuten Pay, which is set to release later next month with the potential inclusion of cryptocurrency payments in conjunction with fiat
Last year, Rakuten acquired a cryptocurrency exchanged for $2.4 million, so it’s clear where they see at least part of their future business.
More and more small and medium businesses across Europe and the US are accepting cryptocurrencies as a form of payment.
Institutional finance begins to make serious moves
Institutional finance begins to make serious moves into the space. This has long been a contentious issue, some believe big finance will open the floodgates of capitalization, institutional expertise, adding recognition, infusing the crypto industry with so much value, that many expect its market cap will dwarf its previous peak at the height of the bubble in 2017.
There are others however, that believe, this goes against everything Satoshi Nakamoto believed in and is the complete opposite of what he wanted to achieve when he released his whitepaper back in 2008. However it is only a matter of time now before big finance gets involved.
This month NASDAQ, the second largest stock exchange in the world, launched indexes for Bitcoin and Ethereum, showing just how seriously Wall Street is taking “digital assets.”
Intercontinental Exchange, the company that owns the New York Stock Exchange announced last year it would be working with Microsoft among other major partners to create a global cryptocurrency exchange, called, Bakkt.
Big banking is so keen to get into the cryptocurrency game and expects such great things out of crypto that earlier this month the NYSE Chairman and Founder and CEO of ICE, called Bakkt his company’s moonshot bet.
These are just 5 reason out of a large number of reasons, why we might see a Bull Run in 2019, indeed I could probably make another video with 5 more, pretty easily and I probably will do that. But these 5 are very significant I feel.
It is getting easier and easier to get involved in the space, and more and more people are now talking about cryptocurrencies in general, not just bitcoin.
Who really knows when the next bull run will come, but one thing for sure, it IS coming! The next 2-3 years will be prove to be hugely exciting, mass adaoption is on its way. Just like with other new technologies in the past, such as mobile phones and the internet, once people latch onto cryptocurrencies, we are i n for one crazy ride!
That about does it for today’s video. I’d love to know what you guys think about the next bull run. If you have any questions, feel free to ask them below.
I hope you enjoyed todays video, if you did, like, share, subscribe! Thanks again for watching, and I’ll see you again soon!