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Will Bitcoin Recover in 2019?
Will Bitcoin recover? I sat down with Didi from the Bitcoin family to get his thoughts on many Bitcoin topic’s. We discuss Bitcoin and Banks, Bitcoin versus other cryptocurrencies and finally his thoughts on Bitcoins price recovery in 2019.
This is obviously a bit of a click bait headline and is very much centered around the price of Bitcoin as both Didi and I agree that the fundamentals of Bitcoin are only getting stronger.
Bitcoin and Banks
I share Didis frustration at using the current banking system to move money around. Didi is all in on Crypto so he doesn’t have that problem to that extent I do. Its taken five days to move money between two accounts this week as apparently the Banking computer infrastructure does not work on Christmas holidays!
Financial institutions are entering this space now and the launch of Bakkt in early 2019 will only increase this phenomenon. I wrote an article covering this recently, check it out.
I see 2019 as the year of Institutional adoption. Some of the Hardforking team are not happy about aspects of this and the regulation coming into the space. In many respects I applaud what has to a large degree been a measured approach as I do not think the community has done a very good job of regulating itself. Many of the exchanges are clearly wash trading and pumping their volumes.
Bitcoin vs other Cryptocurrencies
As Didi says in the video Bitcoin remains the truly decentralised Cryptocurrency. Decentralisation became a buzz word for many projects in 2018 and has clearly been over used. I see the overall dominance of Bitcoin move from it position of around 50% of the total market to a much higher position in 2019. People are becoming much more aware of what the term Decentralisation means and are getting smarter when assessing Bitcoin future against most other projects. I think by the end of 2019 we will have a clear picture of which projects will be with us long term and I have strong confidence in Bitcoins future.
Bitcoin Price in 2019 and into the future
I agree with Didi that the price will move up next year. I personally think we may well see it go lower than its current price of mid to high 3000s. I think major players and institutions will do what they always do and buy assets in a bear market. You don’t get rich buying at the top of markets and you only have to look at some of the huge trades happening right now in the OTC space to see this. Check out this website.
Over the last 24 hours you can see transactions of 48000 Bitcoin, that is 188 Million USD at Bitcoin current price and another for 20324 Bitcoin, 78.9 Million USD. These are from unknown wallet to wallet which means it is unlike to be a wallet restructure or move from an exchange to a wallet. The OTC market is something we will cover in more detail for you in 2019.
As a side note to these transactions the movement of this huge amount of value cost these people, or more likely institutions 18 cents and 6 cents respectively.
Bitcoin is Financial Freedom
I strongly agree with Didi that Bitcoin offers financial freedom. This is the first time in human history that we have an asset that is yours, it can’t be taken off you. I also share his sentiments that Bitcoin offers a way to bank the unbanked and I see advances in this area greatly increasing in 2019. On that note I wish you all a happy New Year and health, peace and love to you and your families in 2019.