Earlier today, Forbes put out an article asking the question, “Is Bitcoin Dead?” The writer suggests that the currency is not necessarily deceased; just experiencing a nasty pullback of sorts, and that what could really sink it is if it doesn’t find a “killer app” that keeps it alive and in use.
Bitcoin: It’s Still Chugging Along
It’s funny how the minute something doesn’t seem to be doing well, people begin to question whether it had any prowess in the first place, and bitcoin is no exception. The currency, still alive after ten arduous years, is still experiencing massive growth that’s not covered by mainstream news.
All these platforms seem to be interested in is Zuckerberg’s pet project Libra, which at press time, doesn’t seem to have the power and stamina of bitcoin. At least BTC is still working; Libra has experienced delay after delay and may not arrive on the scene at all.
People are concerned because BTC has fallen back into the mid-$8,000 range. While it’s okay to be worried or a little scared about what happened, it’s probably not plausible to doubt the coin’s abilities. BTC has taken much larger falls in the past and has consistently rebounded, one of which occurred earlier this year.
In April, after several months of trading in the mid-$3,000 range (down from $6,000 during the summer of 2018), bitcoin shocked everyone and spiked by nearly $2,000. From there, it rose to $6,000, then $7,000, then $8,000 until it finally peaked at roughly $13,600. Since then, it has incurred several falls, the biggest one of which occurred two weeks ago.
Putting all this aside, however, one must acknowledge that bitcoin is still trading at high marks when compared to how 2019 began. For the most part, one BTC unit is roughly $5,500 higher than where it was in January. This is a massive jump into bull territory, and it would be wrong to discount the currency’s properties because of a pullback that now seems to be on the verge of ending given bitcoin’s present trading price of nearly $8,600.
It Can’t Stay Down for Long
In addition, many are referring to the lackluster reception of Bakkt as proof that BTC may be trapped in the doldrums, but with respect to Bakkt, it took too long to emerge. The platform was announced a year ago, which in business time, is like ten years. The project encountered several delays preventing its initial debut. Thus, when it opened for business in late September, Bakkt had probably worn out its welcome. People had been reading about it for so long with no mechanism to trade that when it finally emerged, interest had evaporated somewhat.
At the same time, the rejection of the Bitwise ETF by the SEC has not affected bitcoin’s or Ethereum’s prices at the time of writing.