When Satoshi Nakamoto first created Bitcoin almost a decade ago, it’s difficult to imagine that the mysterious figure even knew how high Bitcoin was going to fly. Rumor has it that the first coin was traded for a pizza; nowadays, that pizza would be worth upwards of $6,000. But the problem is that the cryptocurrency soared so high in late 2017, reaching dizzying heights of over $19,000, that it set up unrealistic expectations for investors who were new to the crypto space.
And in the span of a few short weeks, new Bitcoin enthusiasts witnessed what crypto veterans already knew—that cryptocurrency is an entirely different animal than fiat currency. While the stock market has its ups and downs, the crypto market is an entirely different beast. It’s not surprising to discover that many of these newer users were calling cryptocurrency dead. Taking to Twitter and other social media platforms, they decried the loss of value in the crypto that they’d purchased. However, those who were more experienced in this space felt comfortable counseling them to buy the dip—and not to participate in any more bull runs. Although the value of their BTC had crashed considerably, if they stayed around for long enough, they would undoubtedly see those prices rebound once again.
After all, people who have been around since the beginning of BTC have seen the value pf one coin rise from practically nothing to over $6,000—in less than 10 years. It is difficult to come up with a similar comparison with any other modern investment. In fact, one of Bitcoin’s best attributes is that it doesn’t follow the stock market. It marches to the beat of its own drum—for better or for worse. Although one may see peaks and valleys after government regulations have been levied on crypto from time to time, it tends to create trends rather than following them. And now with approximately 2,000 coins on the market, it’s easier than ever for a person to see one altcoin’s failure and tie it in with the rest of the bunch.
Those who are just entering the space and considering cryptocurrency dead would be better off comparing the genesis of crypto to that of the internet, as opposed to the stock market. In the early days of the internet, many projects were launched—and many failed. In the excitement of using this new technology, many threw caution to the wind and perhaps launched websites that should never have been conceived in the first place. This has also been the case with crypto; there are many projects that have been launched, but few that could stand the test of time. Now, with big institutions taking an interest in crypto—and putting their money where their mouth is—we are actually poised to see perhaps one of the most monumental shifts in crypto’s relatively new history. Those who doubt its power need only talk to people who have been around for a bit; the hard evidence indicates that crypto is here to stay.