Is the Bitcoin Boom over?

/Is the Bitcoin Boom over?


Bitcoin loses 25% in one week

Anyone who grapples with the subject of cryptocurrencies and especially Bitcoin (BTC) has not escaped the fact that the price has fallen by almost 30% in the last seven days. Everyone is wondering if the big boom is over and Bitcoin is slowly but surely dying. The Bitcoin price in January of this year was $20,000. If you look at today’s conditions (30.11.2018) and see that 1 Bitcoin is worth only $4,200, the drop appears to be fatal at first glance. However, it’s important to remember that 1 BTC in August 2017 was worth about $1,000, meaning the price to-date is quadruple what it was a little over a year ago.

Yes, the mega boom is over. The market exploded in the winter of 2017 and the whole world rushed to buy bitcoins. The end of this run was inevitable from the beginning, but overall bitcoins and cryptocurrencies are not dying. In fact, the opposite is true, because bitcoin and other cryptocurrencies are becoming more established in our society (and in the online poker scene). Big fluctuations will continue to occur, but we’re confident that we are moving towards a time when BTC gets set on an approximate course, and the fluctuations will be nowhere near the extremes of the last 12 months.

Our short-term conclusion is that Bitcoin is increasingly indispensable to the Internet and the poker scene. This doesn’t mean that we recommend speculative Bitcoin investment. Rather, we think it is a very useful currency for exactly what it was designed to do- make fluid, guaranteed payment transfers without a middle-person.

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2019-02-18T13:05:23+01:00November 30th, 2018|