Bitcoin took a fast run towards the big 10 and succeeded even beyond. In just 7 days it rose from its earlier all time high $8000 to $11,000 before it started dropping. For many people this looks like a great opportunity to cash out their short term investments, you will find other voices in the community screaming “HODL”, meaning to hold now and be rewarded later.
Looking at the current growth of cryptocurrencies, many without a working MVP, it’s very hard to believe that this state continues. With many people investing in the technology because its easy trading opportunities and quick ROI you can be sure the same people will jump ship the moment a major drop will appear. The same happened after the Chinese ICO ban, and be sure the same thing will happen again. Governments move slow and are late offering acceptable solutions to the overtake of the blockchain markets. But don’t be fooled. It will come.
ConvoyInvestment created a chart of the rise and fall of some famous asset bubble. This does not mean that the crypto bubble is going to burst now. Of course you cannot equally compare the markets as the circumstances were always different. But it’s worth noticing that markets will develop, change and adapt to its surrounding. At one point you will have winners and losers, and at this moment it’s impossible to figure out who this will be.
The famous crypto supporter John McAfee corrects his former predictions and goes even further. According to him the coin will hit the incredible number of a million dollars in a little bit more than 2 years.
“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong.” – John McAfee
Assuming he was talking about Bitcoin when he said Bircoin: Following this statement investors cannot loose. Either they will make a substantial amount of money or they will be able to see McAfee eat his own genitals.
Respected crypto entrepreneur Brock Pierce supports McAfee statement and urges people to never “compromise your integrity” at this years World Blockchain Forum in London. Following an old Chinese proverb “the best time to plant a tree was 20 years ago. The second best time is now.” But is this a smart statement following the current growth madness.
“If you are new to the business, back to integrity. Some thing people always say:”Brock am I too late, Have I missed the boat?” My response is, If anything you’re too early. There’s only 10 or 20 million people in this space. This is like 1994/1995. Don’t have this fear of missing out and try to jump into the first project before you know what you’re doing. If you’re new to this space the advice I try to give everyone is take at least 6 months of just helping other people without making commitments and get married. Go date for a little while, learn the ropes, learn a little bit about the business so you can start to make decisions about where you want to make your major investment” – Brock Pierce
Whatever will happen, time will tell. One thing is sure. With the release of dApps, updates of Ethereum, new forks, blockchain alternatives like Holochain and Hashgraph and major government regulatory decisions 2018 will look promising.