“Are the governments going to start to embrace it? Or are they still going to have it sit outside the realm of their oversight? That’s the real question that’s yet to be answered. I think the technology is fascinating and it’s a very sound technology.” Adina Friedman CEO of Nasdaq
First let me start with a disclaimer, this is going to be a rather opinionated article. I’m addressing this article for those of you that can’t stop the emotional rollercoaster of being a crypto investor. I think sometimes we get caught up in the day to day and lose sight of the long-term progress that’s been made, hopefully this can cheer you up a bit.
The quote above was made by Adina Friedman CEO of Nasdaq, she was interviewed recently and was asked her thoughts on bitcoin, blockchain, and cryptocurrencies in general. While she wouldn’t specifically name anyone crypto in particular, she did speak of her excitement regarding the technology behind blockchain’s development. Additionally, she spoke about the credibility that regulation will be bringing into this market. She even went as far as to say that because of the regulatory oversite that Nasqaq would certainly consider adding a cryptocurrency exchange in the near future.
Although that statement does not particularly excite me, I can’t help but feel validated whenever cryptocurrency receives an endorsement from someone in a position like hers. For a long time there was just us the Winklevoss Twins and Macafee. We’ve come a long way.
True this last week has been a downtrend, ( I address reasons why in another article) however it’s still not very hard to be excited about the future. Yes, there are still some vocal blockchain (more so Bitcoin) bashers and a ton of news releases that seem to strategically drive prices down whenever cryptos seem to be getting ready to make a run really, make me wonder if maybe it isn’t that coincidental. On the other side of that coin, there has been a massive amount of institutional infrastructure positioning itself in this market ever since Bitcoin Futures were added onto the CME, which also coincidentally was right around the time we saw the end of that epic bull run where Bitcoin peaked at just over $20,000 per coin.
I know that all can seem like a lifetime ago, but this really shouldn’t be the time to despair, it’s actually the time to buy. Some of you don’t want to hear that, but I’m right, if you believe in this market or did at some point, you know I’m right. If you need more than just my (somewhat annoying at this point) confidence on the subject, let’s take quick inventory of just some of the moves we’ve seen quietly unfolding over just these last few months:
What do you think the net worth of all of these companies and countries come to (you can even deduct Warren Buffet and his buddy Gates if you like)? Also in full transparency, this was actually the last few weeks, not months. This week has been bearish, but I am fairly confident the future is looking bullish. One year ago at this time, we were asking ourselves if IRA Bitcoin was going to ever really catch on. We would say things like, “Sure the price is going up, but even with the returns it just doesn’t seem to be on investors radars, and the media only mentions it as an unstable scam or an online currency for criminals.” I’m not embellishing one bit, IRA Bitcoin did not have a million-dollar month until it had a million-dollar week, then it was followed by a million dollar day, it wasn’t a faucet turning on it was a fire hydrant bursting.
In one year, 1000% ROI and nearly every major banking institution is putting significant resources into their digital currency department buildouts. The price has been bogged down to half of the price of what it was in December by the continuous release of negative news and regulatory crackdowns.
Look I could be wrong, maybe the price is going down all on it’s own, but I do know the banking system sure as hell isn’t going to stomp the price to 0 either. Remember all of the scenarios that were attached to this being a bubble? The scenarios behind the reason bitcoin will pop no longer seem very likely. I would not call this a bubble, it’s more like a pot that’s simmering, and if you were mad at yourself for missing out on the first run, this time you’re never going to be able to forgive yourself if you aren’t appropriately invested when it comes…and nor should you.
*Disclaimer- I own a bunch of Cryptocurrency