Guess who you’d never (ever) hear talking about the Bitcoin price dip and its oh so tempting futures? Exactly, Michael Jackson, the former Chief Operating Officer of Skype (we can’t imagine what school must have been like).
After the recent events, when we saw Bitcoin drop sharply from its all-time high of $20 000 to almost a third of its price at the beginning of last month, more and more experts state their case for the fallen currency.
Michael Jackson admits that the price of Bitcoin is very volatile because it’s not tied to any tangible assets, which is why at some point there was a lot of panic in the market, which created the “short drop and a sudden stop” everyone has been talking about lately. There was much speculation about the possibilities now, the main question being – to buy or not to buy?
Is Bitcoin the future? Or one of many futures?
Jackson states in his interview with The Independent:
“The price has been driven by speculators and they suddenly got cold feet but there’s considerable effort going on behind the scenes, including new underlying technology that is powering faster transactions.”
Bitcoin’s past has been ridden with falls and drastic rises, so as long as some market regulators are concerned, this is just another cycle in Bitcoin’s growth. At some point there were predictions Bitcoin would never make it past the $2000 mark, and a few years ago we don’t think it occurred to anyone save for the very tech-savvy experts that it could ever come to be worth this much.
There were a few die-hard fans who are still holding on to their Bitcoins, but en masse it seems hardly anyone could predict this much of a rise. It would seem logical, then, that a next phase of the cycle will come when there is another rise.
After all, also Saxo Bank’s very own Kay Van-Petersen is sure there will much more of an ascension than $50 000. And if that doesn’t sway you, well… Bitcoin is no stranger in Moscow either: now security companies are offering bodyguards to crypto-traders (but we wholeheartedly recommend using subdermal microchips for added protection).
Who to believe? Or, better question is, whom? We tend to lean toward valuing the words of the experts more, so we are interested in more of what Michael Jackson, who is a Bitcoin expert, has to say on the matter. Heal the wound: Bitcoin could be worth far more than what it is worth today.
Further proving our theory, Jackson stated in his interview with Newsweek that skeptics should beat it:
“We’ve seen price falls like this before, and when you look back on them now, you’ll see they weren’t part of a bubble, just a blip. It’s certainly a meaningful price adjustment and many speculators will have profited from the recent rise, but at these times most of the earlier investors continue to hold. At its core, it is still an international payment mechanism and a store of value that doesn’t change with speculation.”
If you are a hardcore fan, and we hope you are, you will recall us state for the record that we are confident Bitcoin will be in great demand in the time to come.
Also, while blockchain is getting major recognition in the world of new technologies (and Dubai, as an example, have promised to build a whole economy on blockchain), it is becoming more and more obvious that blockchain and everything to do with blockchain is the futures.
Now, you could say it is only our opinion, and it is, but we do like to point out that our theories are backed up by the words of a few major experts in the field:
“Bitcoin’s upper limit is still much more than it is today. If it reaches even one percent of the value store of other major money supplies, like the U.S. Dollar, it could be worth 100 times what it is today. It’s not a disaster if it falls below $10,000, or even below $1,000. It might put off some speculators, but bitcoin’s core purpose still remains.”
– Jackson says.
The reason behind the certainty that Bitcoin is here to stay is the fact that the technology behind blockchain has been proven to be fantastically gainful for businesses. In fact, the latest study by The Digital Supply Chain Institute (DSCI) in tandem with Aricent and the Bitfury Group has proved that blockchain is able to improve company cycle time by 34% and quality by 11%:
“The results exceeded our expectations and when fully deployed will provide new market opportunities, improved profitability and further differentiation from our competitors…”
– declared Walid Negm, the CTO of Ariscent.
Valery Vavilov, CEO of Bitfury, went on to say:
“This study shows empirically that blockchain technology improves efficiency and delivers greater transparency…Working with Aricent and DSCI, we were able to improve a system, provide unparalleled efficiency and increase security. We look forward to seeing these results replicated by other companies as blockchain technology becomes even more widely adopted.”
After all, we are seeing some major recognition as the industry slowly but surely is beginning to recognize blockchain’s true potential. Not only are IBM and Maersk starting to explore blockchain much more closely, also such corporate giants like Walmart have teamed up with IBM to improve their supply chain quality and speed. The list goes on infinitely.
In fact, the harder you look at a list of businesses that are now accepting blockchain and the more you compare it with the same list half a year ago (even before Bitcoin’s stellar rise to these previously unseen heights) the more you realize that we are only beginning to see the real depth and resources that blockchain and all blockchain-based projects can offer.
We are sure we are to see a fantastical future now that so many experts and companies are backing it – and we are sure that if you’re a real Bitcoin enthusiast – you are not alone.
Image by Hacker Noon.
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