Bitcoin Not As Functional As a Currency – Jack DorseySeptember 9, 2019
When it comes to identifying whether a rally is triggered by institutional interest or not, the disparity between the price of the asset and its popularity should be taken into consideration. Retail markets drive some price trends. Most of the retail buys are without corresponding interest in social media activity.
The rise in the price of a virtual asset will be related to several requirements other than it serving the role of a store of value. The rise could be indicative that the tokens are beginning to gain importance, and it might as well indicate the coming of the Altseason.
Peter Brandt recently stated when talking about the current price trend of Bitcoin that, “In full disclosure, I must inform you that I am long BTC as a position trader. Yet, as a swing trader, I must respect classical charting principles. This descending triangle is NOT a descending triangle until it is completed.”
Jack Dorsey, CEO of Twitter, has suddenly given out a Bitcoin warning. He also thrashed Facebook’s Libra.
So far in 2019, the price of the Bitcoin has climbed nearly 200% as major technology companies are showing interest in Bitcoin and Cryptocurrencies. However, he agrees that Bitcoin is preferred to something like Facebook’s Libra.
He opined that the peaks and troughs for this asset type are equivalent to gold and that it is vital to make it more usable and accessible like a regular currency, which is not the case yet. Dorsey stated this when he was out in Australia to promote Square’s launch of new payment terminals in Australia. However, he is convinced that Bitcoin will be adopted very widely.
Dorsey stated, “I think [bitcoin is] the best bet because it’s been the most resilient, it’s around for ten years, it has a great brand, and it’s been tested a bunch.”
Bitcoin continues to exhibit a high probability of fitting the role of serving as a native currency for the internet. During the second quarter of 2019, Dorsey’s Square generated $125 million in Bitcoin revenue. During that time, Dorsey stated, “We love you, Bitcoin.”
Dorsey further stressed the importance of open internet standards by stating, “Open internet standards serve every person better than ones controlled or started by companies.”
Meanwhile, Facebook has been claiming that Libra will lower costs, and it will expand access to banking services in the developing world.
While all these are cooking in the cryptocurrency market place, hacks are continuing as well. There was no market for crypto-insurance two years ago; however, currently, it is worth anywhere from $200 and $500 in terms of premium revenue.