The potential consolidation we spoke of 2 days ago is now underway after Bitcoin increased a record breaking 70% in the course of 1 week; rising from $11,000 to a peak of over $19,000. The current price for 1 BTC currently sits just under $14,000. While this is a large drop from the all time high of $19,000, it still represents more than a 20% increase for the week. These types of swings can be very stressful for someone that is new to cryptocurrency but for anyone that has followed the prices over the past couple years will have seen this pattern before. The price will rise rapidly, level off and then consolidate down before starting a new upward climb. Is this the dip you have been waiting for?
It is important to remember that this market and technology is less than 10 years old and is still maturing. The underlying technology and ideas have the potential to change the face of commerce and to extend opportunities to many countries and the inhabitants of those countries that have been left behind. There is currently an estimated 2 Billion people that have no access to any banking services. Imagine attempting to start a business selling goods or services with no means to reach customers that live outside of walking distance from you. You have no way to offer your goods to a mass market of customers and no way to be compensated for your services. Banking services have not been extended to this 2 Billion people but smartphones and satellites services have still found a way to reach these people. The point is this, this technology has the potential to offer these people opportunities to quickly and easily participate in a global market regardless of location, social and economical barriers.
The technology and cryptocurrency markets are still in the very early stages and will have many ups and downs but we believe in the end goal of a free currency and store of value for all the people.
Do you believe that cryptocurrency can change the face of the world? What other technology do you see with potential to change the lives of everyone? Don’t forget, it was not that long ago that some called the internet a fad that would never catch on!