Is it safe to say that people are tired of talking about bitcoin? While not necessarily bored by it, they are tired of hearing the same things over and over, one of which is that the currency is about to enter a huge rally of sorts.
No More Bitcoin Predictions; We Want to See Change
Tom Lee, as reported by Live Bitcoin News earlier today, is back in the limelight again, commenting that the currency is about to hit a new all-time high once the S&P jumps up. Lee, despite claiming that he would never try to predict the bitcoin price again, has come out a few times this year to discuss where it could wind up, even stating the bitcoin could potentially strike the $40,000 mark in 2020.
This is a big prediction, but he’s not alone in the playing field. Others, such as venture capitalist Tim Draper, have commented that one unit of bitcoin could hit the six-figure range by 2022, spiking to as much as $250,000 each. He later revamped this statement to say that the currency would hit this mark six months later, so a bit of a delay is at hand, but not much.
This is all fine and dandy and likely to get some people breaking out the champagne, but for the rest of us, we’re getting a little tired of just hearing these predictions regarding where it will go later. We want to see change now and given how often everyone talks about the potentially bull rallies that the coin will soon allegedly enter, we can’t help but feel a little disappointed with the present results.
Everything takes time; we’re not children, and we understand this. In addition, bitcoin has shown major improvements this year considering how “in the trash” it was by the time 2018 said goodbye. At that stage, the currency was trading in the mid-$3,000 range and had lost more than 70 percent of its overall value.
Many of us thought recovery was completely out of the question, but five months later, it did begin to show signs of life once again, spiking to $5,000 per unit by the time April 2019 rolled along.
Things Need to Improve
Since then, it’s more than doubled in price, but for the most part, it’s underperformed as of late, especially given the situation involving the trade war. While BTC did spike at certain points during the early moments of the trade conflict, these spikes didn’t last long, and many times the currency has dropped to new lows in the $9,000 range.
Everyone seems to have an opinion regarding where it will go and what will happen, and some are claiming good things will happen very soon, but at this stage, we’re tired of just hearing about it. We just want to see it happen already.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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