A couple of weeks ago everyone was watching cryptocurrency charts with excitement talking about going to the moon. Ethereum was on its way to $10,000, Bitcoin was on its way to $100,000, and Doge was on its way to $1.
Then, all of a sudden, one tweet brought the entire market to its knees. And its still down 50% from the all-time high. El Salvador is now accepting Bitcoin as legal tender. Colorado may accept cryptocurrency as payment for taxes. Iran is even contemplating legalizing cryptocurrency. Texas is enticing miners. Cardano in partnership with the Ethiopia’s Ministry of Education, is launching blockchain deployment in Ethiopia with 5M students and teachers. A project that is said to be the world’s largest blockchain implementation to date.
But right now everyone is looking at cryptocurrency charts filled with red candles. Talking about how Bitcoin is going to crash some more and altcoins will suffer. People are so focused on short term gains they forget the bigger picture. Zoom out for a mintue. History is being made right now.
Remember the dotcom boom, a lot of people didnt think it would last or the internet was here to stay. However, those that adopted the technology gained greatly from it. Leaving others chasing later. Blockchain and crypto technology is the future, and people are waking up to it. Forget about the current price for now. Take a look at the adoption. More people are waking up to the fact that Crypto is the future.
According to two different reports, more than 100 million individuals worldwide are already using cryptocurrencies, and an increasing number of baby boomers and Gen Xers are developing interested in bitcoin and other tokens.
Many countries are now looking at adopting cryptocurrency as a means of exchange in a bid to hedge against inflation. So the next time you look at that cryptocurrency chart, just remember that we are still very early. The world has over 7 billion people. If there are just over 100 million holders right now, think of what will happen to the industry when we have 2oo million holders, then 500 million holders, then 1 billion holders.