With cryptocurrencies like Bitcoin and Ethereum having seen exponential price increases throughout 2017 it’s easy to suggest the entire crypto space is in an epic bubble. And while in the short-term this may be true with wild price springs occurring on a regular basis, what 2017 has proven is that more and more individuals and institutions around the world are getting interested. In fact, so much so that Coinbase, one of the most popular crypto currency exchanges in the United States, saw more client accounts created in three years than brokerage firm Charles Schwab has seen in thirty.
This, according to Hive Blockchain Technologies Chairman Frank Holmes in a recent interview with Future Money Trends, is indicative not of a bubble, but rather, a mass adoption. Holmes notes that proof of this adoption comes from the fact that Genesis Mining, one of the largest global blockchain mining leasing firms, recently ran out of mining server space in their massive facility. As well, there is incredible demand as evidenced by Coinbase and other exchanges, especially now that millennials see blockchain as the future of the internet.
Holmes: Coinbase is where most people in America go to open an account… I was just overwhelmed by the staggering data point that in three years they’ve gone to 13 million accounts… It took 30 years for Schwab to get to 10 million.
Future Money Trends: So, when you see that kind of movement and adoption… when people see the parabolic move the outsider is saying “bubble, bubble, bubble” … but is this really not a bubble… just a mass adoption?
Holmes: I totally agree… You’ve got to look at the simple math of this… the maximum amount of Bitcoins is 21 million… it’s been estimated that a quarter are lost… the float is about 10 million… If you look at a law called Metcalfe’s Law… it basically says that as more people use a platform, the value of each constituent goes up exponentially… it happened with cable and the same thing happened with cell phones… and now we’re seeing it with Bitcoin.
… I think that the financial ecosystem is morphing to this decentralized world.
Full Interview:
There is no doubt that blockchain technologies will continue to move forward and revolutionize everything from digital payments systems to communications security. And though price movements of some crypto assets may look like a bubble, consider that only a small percentage of the global population has gotten involved from an investment standpoint. Some estimates suggest that the current $600 billion or so total market cap of all cryptocurrencies combined will soon be dwarfed by the trillions of dollars expected to move into the space. In this case, early adopters of successful blockchain technologies will continue to see exponential gains as the market expands.
Related: Top Crypto Mining Executive Explains Why “We’re Hoarding The Coins”
Its not an adoption because the system can’t be used. Its slow now and basically not usable to buy even a soda unless you want to buy a soda and wait hours for it.
Bitcoin Bob had a big stash
Put all his eggs in cryptocash
Riding the wave up to the top
He thought for sure it never would stop
“I will live just like a king
With big mansions full of bling”
Although it was made from thin air
In his blindness he didn’t care
With global tensions on the rise
An EMP hit by suprise
It took down all the internet
With shaking hands he began to sweat
Sure enough it disappeared
Something that he never feared
On his couch full of tear stains
With his gun blew out his brains…
Doesn’t even need an EMP, really. One hack on his box to swipe his credentials, one blown hard drive w/o a good backup (it happens), is all it would take for someone’s BTC to disappear.
The best time to have gotten into BTC was 10-12 years ago, when you could mine thousands on a laptop and cash out a zillionaire now. The worst time to get into it is right now, when all the suckers are flocking to buy their fractions of a tulip bulb, thinking they’ll cash out right before it pops.
Thank you, no thank you.
Research ‘cold storage’ – this has already been taken into consideration
mass adoption=bubble
adopted by idiots
BitCoin is BS. If you don’t hold it in your hand you don’t have it all.
Sgt.
It’s not a bubble … this article is written by a guy who hopes to sucker more people in. Digi-crap, that’s all Bitcoin is. A geek-built lie. About as real as that bouncing paperclip used to be on Microsoft Office. I never could get it to hold a few printouts together.
Been about 3 years since I chimed in…This is the type of thing that can’t be stold from you u hold your wealth with a private seed only u have. It’s not physical your right but right now I can use my fake bitcoin via digit card and still hold cash or better yet buy gold and silver with it.
At most I would put 200 bux into an upcoming cybercoin (not bitcoin). Let it ride and see what happens. Probably better odds than a casino? If I lost it it’s no sweat.
Genius, Please give it some thought. You all here taught me a lot. I’ve listened. This could be way for us as the prepper community to use this against the banks and the feds. Who knows
All these articles on bitcoin and block chaining are verging on spam. It is almost every other article now.
I read here for articles on shtf, not bitcoin bs.
This website is based on shtf and if/when shtf things like bitcoin and block chain will not be worth a cent… come on man.
You come here for my humor! Admit it! 😛
Not your humor,
but your prose,
and your occasional
lyrics.
Iota………..
Asia Times has a great article today about the Chinese attack on the US petrodollar. The Chinese are set to make a big move that might put a big hurt on the US dollar. They will trade oil for Yuan which will be fully convertible into gold. This would mean a possible collapse in the value of the dollar or WW3 or both. Read it.
Him,
There isn’t enough Gold in the entire world to cover
any monetary system.
Your wealth is your resources.
Wrong. I have a debit card I use. Been around a long time d ont say much. I’ve stacked gold silver food water ammo. I remember bi. Be informed the earth quake guy. U guys and gals really need to research think of it as another hedge in your preps . What happens if we do change to a digital currency. Then what. I’ve listened to you all. If we control the money we as people have control back. They will try to control bitcoin but they can’t. It don’t stop with bitcoin. There’s litcoin. Molon labe
Bitcoins are worth something only if someone is willing to pay the price you want (need) for them. When the suckers decide it is time to flee, you won’t get squat for them!
It’s pretty funny that people have no problem watching bitcoin soar from nothing to $20k. All they think about is how to get a piece of it. Bitcoin is limited to 21 million “coins” which are skyrocketing as everybody buys a tiny fraction of one. Congrats, here’s your .0024 bit coins. But these are the same people who will tell us there isn’t enough gold to back a new/better monetary system. It’s like being in an episode of the twilight zone – people pick and choose the facts to suit themselves. And they’ll all be deer in the headlights when some part of our modern/sophisticated/hyper-connected society goes “poof”. They’ll never see it coming, while we wonder how they can breathe with their collective head so far up their butt. Repeat after me, “cognitive dissonance”.
deer in the headlights is correct.
We just went through almost 2 and a half months without internet.
Now where was that bitcoin wallet I had?
I think someone else owns it now.
If it’s limited to 21 million coins how can it work as a viable currency?
Back when Charles Dickens was writing a Tale of Two Cities, one British pound (or a dollar for that matter) was a lot of money. Us common folk might have a half penny in our pocket – 1/480 of a pound sterling. You could actually buy something with a half penny. These days, if I find a penny on the floor of my car I may just throw it out because the Federal Reserve has inflated away the value of the dollar (and the penny) since 1913. The world just needs to revalue gold to make it work. The world has no problem jacking up the price of crypto and selling people 1/1000 of a bitcoin for $17. If you bought 1/1000 of an ounce of gold, it would cost you $1.265. Seems like cryptos are proving there is enough gold to back the monetary system. Now , if the USA still had some gold…