Bitcoin has been one of the most popular topics on our DC Forecasts crypto news site – and it seems like this trend will continue. In 2018, the prices of crypto have bottommed which led many to believe that cryptocurrencies are losing on interest.
One economist named Tyler Cowen, thinks that now is the time for Bitcoin to show us what it has under its belt. In an op-ed published in Bloomberg, Cowen, who is a professor at George Mason University, said that a crypto price crash could be beneficial for the market as it would prepare it for something big in the future.
Referencing the 19th-century bubble which saw the collapse of railroad stocks and the dotcom crash of 2000, Cowen beleives that there have always been some negatives with plenty of positives. As he explained:
“Internet stocks plunged in the dot-com crash of 2000-2002, but that in turn cleaned out the bad companies and paved the way for the subsequent tech revolution, including the rise of Amazon and Google.”
For Cowen, cryptocurrencies need to make a leap forward. Even though they have a lot of use cases right now (trans border payments, dApps etc.), he beleives that the slump in prices will lead to even more discussion on how to make crypto more relevant while protecting investor funds. As he explained:
“We’re at the point where crypto finally has to prove its social worth. But what might that mean? Imagine using crypto as a medium of micropayments to pay for media on the internet. Or perhaps you’ll use the blockchain to verify your identity, rather than telling some stranger on the phone the last four digits of your Social Security number.”
Cowen concluded his point by stating that now is the time for Bitcoin to show up, pointing to its “do or die moment” and saying that Bitcoin needs to “put up or shut up.”
“Think of bitcoin and other crypto-assets as like a company that is finally receiving a cash call. I am modestly optimistic, but it is time to put up or shut up. Let us hope that this ‘do or die’ moment will once again bring out the best in entrepreneurs,” Cowen concluded.
Bitcoin Price Analysts: A Strong Bull Run Is Imminent
Low Bitcoin Volatility Could Power A Strong Price Movement
Bitcoin Mining Power With A New High As 500k New ASICs Go Online
Bitcoin Breakout May Happen This Week, Analysts And Traders Predict
“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of. Could it wick down to 8500? Sure it could, but too many people are looking at that area and calling it,” he said.Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
Join us on Facebook
- Bitcoin Price Analysts: A Strong Bull Run Is Imminent
- Low Bitcoin Volatility Could Power A Strong Price Movement
- Berkeley City Council Member The First To Buy Cannabis With Cryptocurrency
- Ethereum’s Network Demand Is High Without Transferring ETH Tokens
- Bitcoin.com Crypto Exchange Is Reportedly Faking Its Volumes
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Regulation2 days ago
IRS Is Hunting Cryptocurrency Traders With Warning & Action Letters
Blockchain News3 days ago
German Government To Combat Libra With New Blockchain Strategy
Bitcoin News3 days ago
Bobby Lee Bitcoin Price Prediction: BTC Could Reach $200K Very Soon
Bitcoin News3 days ago
Bitcoin Attempts To Break The $11,000 Resistance Line: Price Analysis
Altcoin News3 days ago
Ripple Is Selling XRP At Discount To Institutional Buyers
Ethereum News2 days ago
Ethereum Price Flashing: Can ETH Surge To A New Yearly High?
Analysis2 days ago
Crypto Could Become ‘The Next Frontier’ In The War On Terrorism: US Treasury
Bitcoin News5 days ago
Crypto Survey Shows 40% Of Millennials Would Choose BTC In Recession