You Should Know More About Crypto By Now!
For over ten years, we’ve all been treated to cryptocurrency updates and developments. Whether it’s the report of a scam or some controversy involving some digital asset or the other, we’ve witnessed development after development.
Now, here’s a plain fact that you have to deal with; if you’re not into Bitcoin (or some other cryptocurrency)or you don’t know anything about crypto assets by now, you should be.
Before moving on, let’s leave out all the false stuff.
Are cryptocurrencies perfect? Absolutely not. Scams are rampant, and even the most popular exchanges seem to be at the mercy of hackers.
Will they make you rich instantly? Not anymore. You missed that train about two years ago, when the bull-run came to a crushing halt and crypto prices came hurtling down. I lost about $500 on an investment once, so I know.
However, these technological innovations have been able to disrupt the way we live so much, and the only people who are ignoring them are either the stubborn ones (case and point; “Mr. Wonderful”) or those who, despite all that cryptocurrencies have done, are still shockingly oblivious of how they work (again, refer to “Mr. Wonderful”).
I’m not trying to “class note” you, but consider the following:
Companies are adopting crypto
Here’s the thing; you might not get into Bitcoin for investment or trading. A lot of people don’t. You could simply use it as a utility, or you could use it to make payments and access certain services.
As a matter of fact, this purpose could serve you even better.
Take Facebook users, for instance. The social media giant has been all over the crypto ecosystem of late, with numerous rumors swirling about the company developing a stablecoin to help effect payments across its “family” of apps- Messenger, Facebook, Instagram, and WhatsApp.
While Facebook itself has not confirmed or denied any of the rumors going around, one thing that we all seem to know is that the company is working on something crypto-related.
Then, there’s AT&T. The behemoth of a mobile service provider that claims to cover a staggering 99 percent of Americans just announced that it would be partnering with crypto-fiat conversion platform BitPay to allow millions of its customers pay for services in cryptocurrency.
I could go on and on, but you should get the point now. Even if you don’t intend to get tangled in the world of cryptocurrency trading and all its associated complexities, you should at least own Bitcoin to make life more comfortable for yourself.
Facebook’s stablecoin will make it easy to effect payments (especially across its platforms), while AT&T’s new feature will mean you don’t have to go to the bank or use any third-party to pay for mobile services. Both are innovations that will severely disrupt the payments landscape, and you can’t afford to miss out.
Know what they have in common? They involve cryptocurrencies!
A word from our sponsors!
If that’s not enough for you, maybe a collection of tech and business entrepreneurs speaking about cryptocurrencies will help convince you.
Here’s IMF Managing Director Christine Lagarde speaking on the impact of blockchain technology (cryptocurrencies’ underlying infrastructure) and other disrupted on the global financial systems.
And Twitter CEO Jack Dorsey endorsing Bitcoin by claiming that it is “Of the Internet.”
And Mark Yusko, founder and partner a Morgan Creek Capital Management, boasting on about how Bitcoin has been able to outperform the S&P 500 (which, by the way, is accurate. Here’s Bitcoin, and here’s the S&P 500 Index).
(Oh, by the way, JPMorgan now has its own digital asset; the JPM Coin. Seems someone’s seen the light, eh?)
Think about these comments, and look at some of the most exciting updates in the crypto industry at the moment. Who do you think is right? I’ll let you mull over that for a while.
Bitcoin is doing pretty well, and things are looking up
Now, if you’re aching for some trading or investment information, here’s some for you. Bitcoin’s price all but crashed in 2018. Prices were down, the market cap was plunging, and it seemed that a lot of the people who had called it a scam were right.
However, over the past month, things have picked up pretty well. Bitcoin was at $3,100 on January 1, but at press time, it’s trading at $7,997. That’s a 150 percent increase in 5 months.
Still, here’s the kicker; in addition to that, Bitcoin’s 200-day moving average (MA)- a widely-tracked parameter for a stock’s long-term market trend, showed a bearish bias in the first half of May and is now beginning its upward curl.
Bitcoin’s 200-day MA turned bullish for the first time since May 2018, with an average locked at $4,500 at press time.
While there’s a bit of a bias with this parameter (it most likely reflects the recent price surge) and there’s the possibility of a price pullback, it’s still an overwhelmingly positive sign.
So, here’s the question; why haven’t you gotten your hands on some Bitcoin?