Sure you do. And yes, I have my tongue in my cheek but bitcoin hype has gone to ground for the long blockchain winter as the technology works its way through the perverbial trough of despair. But there was just a hint of a thaw that I noticed this week as the market panicked. Gold had a good day yesterday, as did bonds, as investors sought relative safety amidst the Grexit hooplah. And, where else did investors turn for safety? You guessed it, BitCoin:
Prices rose on heavy volume. Why is this significant? To me, this implies that BitCoin has matured. Once the frontier of rampant speculation, it is now considered safer than stocks or even some currencies. An even more interesting chart is this two year that captures the Mt Gox bubble and subsequent correction.
When I eyeball this it looks like a system that was in equilibrium two years ago, got massively disturbed by the Mt Gox fiasco, and has now reached equilibrium again.
Can we conclude that Bitcoin has entered a new realm of relative calm as a reliable vehicle to hold value? This is early data, but I am leaning toward yes. The long term graph shows dimished volatility and stable volume. The short term graph shows an apparant flight into BitCoin for safety. This could be the dawn of the age of respectability for the much maligned blockchain. Not time to expect more hype, but certainly a time to take seriosly those companies best using the blockchain for business advantage in large markets.