We all remember December 2017 – a time when the Bitcoin price was closer to $20,000. Fast forward to six months later, we have the price of Bitcoin struggling at the $7,000 range and slowly heading towards $8,000.
The news coverage on Bitcoin is definitely not as high as back in the day. Everyone that was amped and hyped that Bitcoin (BTC) is the new cryptocurrency that will solve all the issues – is now not so sure about it. But then again, it’s all because of its price.
The crypto markets experienced one of the greatest declines right after CME Group and CBOE started offering the Bitcoin Futures on December 17th. Many crypto traders and analysts believe that this is what started the downfall.
However, Brad Garlinghouse, who is the founder of Ripple, recently told CNBC that Bitcoin would not solve all the problems people wanted it to solve and that perhaps it was reality kicking in – while new cryptocurrencies gave more utility and purpose than just store of value.
As Brad said:
“I think [Bitcoin is] not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems. Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.”
So, the question everyone is asking right now is…
Will Bitcoin die a natural death?
The answer is – not really.
For now, Bitcoin is still relevant in the crypto-verse. So, no one can predict the exact time frame for a rise or fall – and the entire technology behind Bitcoin is still in its infancy. What everyone needs to know is that the person who decides the future of this crypto-verse is no one but the traders, HODLers and investors in ICOs.
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