The White House discussing bitcoin. The Big Bang Theory discussing bitcoin. Katy Perry and Warren Buffet discussing bitcoin. Bitcoin web searches exceeding those for Donald Trump. There’s no such thing as a quiet week in bitcoin, but even by its usual agitated standards, this one’s been noisy. Celebrity hangers-on come and go and generic sitcoms move on, but bitcoin refuses to let up. By all reckoning, this is just the tip of the iceberg. But what if we’re all wrong? What if it turns out that this is as good as it gets?
Just the Tip
Everyone’s got a favorite bitcoin chart. It doesn’t matter what data it displays – trading volume; dollar price; transactions; wallet addresses – because the key takeaway is always the same: this is only the beginning. This is just a fraction of the growth we’ll see once the normies pile in. This is just the tip. Just hold, we’re told, and by this time next year we’ll be sitting pretty. Five years from now and we’ll all be driving whichever meme car happens to be de rigueur among crypto’s nouveau rich.
In the interests of playing devil’s advocate, however, let’s consider the alternative. There’s a case for saying that 2017 will go down as the year we hit Peak Bitcoin, followed by a gradual decline as the world lost interest, the proles returning to their mind-numbing TV shows, the White House focusing on its latest bête noire and investors fixating on the latest asset class to promise sick profits. We’ll inspect that side of the coin in a moment, but first, let’s hear the case for bitcoin.
The Age of Bitcoin is Just Beginning
Since everyone’s got a favorite chart, let’s scrutinize a selection that shows bitcoin’s incredible growth and huge potential. Highly respected crypto assets author Chris Burniskeproduced the following chart which suggests we’re at the frenzy phase of cryptocurrency. If you thought the last few weeks were wild, you ain’t seen nothing.
Then there’s the following effort from Blockchair which shows the number of bitcoin addresses that are loaded with satoshis. Like most bitcoin-related charts from 2017, this one is exponential…