Monday, 30 September 2019

So much shit is going on around the world however, Bitcoin is not moving much


During the past years I always thought I could see some correlation between a terrible thing happening in the world, which might influence the market, and the price of Bitcoin. More specifically in most cases the Bitcoin price would rise while e.g. stock prices would fall.In recent times we had or still have conflicts concerning:- Hong Kong- Iran and Strait of Hormuz, influencing oil trade which has always been a major driver of the economy- We had our fair share of Trump activity which influenced Bitcoin prices, however the recent impeachment announcement didn't seem to have much of an impact- There are messages of the population of Venezuela and the Central Bank hoarding Bitcoin however, for a population of 38 million people I would have thought this would have had a bigger impact in the price and more specifically transaction volume, as Venezuela could actually be one of the first places where it was actually used as a currency and not for HODLING.- ECB started quantitative easing again while some (the Dutch and German) Central banks are fiercely against- Last week there where messages about the US and QE or quietly printing 75 billionFinally I think adoption rate after being around for more than a decade is (at least in the Netherlands) low. People do not know how to use it, are scared of using it, or don't see the importance of using it. One of the reasons contribution to a low adaption rate in the Netherlands I think is banks seeing some of the technological improvements of Bitcoin and implementing it. Of course banks do not and cannot implement all the good stuff from Bitcoin as it is simply not compatible with the banking system, they can however implement some nice features the fiat muggles care about most. Most predominantly fast transactions and have now also introduced it e.g. Tikkie (which is an app to transmit small transactions almost instantly).While I still believe in Bitcoin and Blockchain, after all these years, and all this shit happening in the wold, if the rest of the fiat muggles still do not understand Bitcoin when will be the moment they do?Considering low adoption rate and little to no price influence of recent events I start to lose trust in the growth of Bitcoin, in the growth of the Bitcoin price and finally in seeing Bitcoin as an investment.Edit: typo via /r/Bitcoin http://bit.ly/2n68w62

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