4 Reasons Cryptocurrency May Not Be Done Yet

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It’s starting to feel as if those who have been bullish on cryptocurrency’s prospects for 2018 are running out of time to be proven correct. Bitcoin fell below $5,600 for the first time this year recently, and while a late-year surge is certainly possible, it’s unlikely at this point that we’ll see anything like what happened in November and early December of 2017. And this is merely when we consider cryptocurrency as an investment asset. As a currency, many have written it off as useless, suggesting that it’s just too impractical, too volatile, and too limited in its use to ever become a viable form of currency. 

It could be that all of the above is simply accurate and lasting. Perhaps cryptocurrency will have been a strange trading fad, a bold technological ploy, and ultimately a vehicle for blockchain technology to emerge in the world – and nothing else. However, it could also be that cryptocurrency is merely finding its place in the world, and that it isn’t done just yet. To counter the pervasive negativity that now surrounds crypto coverage, here are a few reasons to support this idea. 

1. A Market Downturn & Haven Philosophy 

Almost anywhere you look, there are mild-to-severe predictions of an economic downturn in the western world. In particular, many experts appear to see an American recession on the horizon, even if it’s not expected to be as dramatic as the last one toward the end of the last decade. What remains to be seen, if these predictions come to fruition, is how they affect currency. And the thinking among many is that bitcoin and its counterparts will be thought of much the same way gold has in the past – which is to say as a secure haven when currencies dive. Now, my writing this does not mean this is necessarily correct or even logical – but if enough people feel this way, we may see a crypto boost in the event of a recession anyway. 

2. A Sleeping Giant Of Opportunity 

There’s reason to believe that the sleeping giant for cryptocurrency legitimacy is online gaming and betting. Bitcoin and a few other cryptocurrencies are already in use at some online casinos, and figure to expand in this category due to the perception that they provide inherent security – which online gamers crave. Now, I say sleeping giant because of the gigantic and largely untapped U.S. market in these spaces. Nevada has long allowed for betting and real money gaming, and New Jersey has joined in with accessible gaming sites of its own, and recently sports betting platforms as well. Now, should this activity spread out in the U.S., and should cryptocurrency become more prevalent in the industry – both fairly likely – demand could conceivably skyrocket. 

3. Familiarity Over Time 

I won’t dwell on this idea too much, but it’s perfectly possible that people just aren’t used to cryptocurrency enough to use it regularly at this stage. It’s still quite new in the scheme of things, and downloading a crypto wallet and putting it to use can be somewhat daunting for the casual, would-be user. If cryptocurrency can linger in the public conscience a while longer however, and if wallets and exchanges get a bit easier to use, people could simply become more familiar and thus more likely to use it. 

4. Defiant Bullishness Among Influencers 

I mentioned above that those making bullish predictions on bitcoin in 2018 have not been proven right – but that doesn’t mean they never will be. Lots of predictions from industry influencers still suggest that bitcoin is heading to big numbers, even if other cryptocurrencies may not be. And the interesting thing is that some of these influencers may actually hold sway over what happens. That is to say, predictions like these from people who have made a fortune in bitcoin previously could conceivably indicate a plan to buoy the markets yet again, which is possible with the current state of cryptocurrency. A relatively small handful of investors hold a huge portion of all available bitcoin, and thus have incentive to buy more together if and when they buy back in.

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