Despite price crash, bitcoin believers still say the best is yet to come
Bitcoin's ups and downs may make investors squeamish, but those in the community are used to the fluctuations and say the underlying technology can still change the world.
In December, bitcoin seemed like the next big thing. One bitcoin was nearing $20,000, and financial journalists were starting to seriously consider whether it could replace safe-space investments like gold. Companies were sprouting up to sell the cryptocurrency to the general public. But it’s been pretty much downhill since. One bitcoin is now worth a little less than $6,500, and public interest has waned. Such is life for bitcoin proponents. “I’ve seen bitcoin drop from $20 to $2 and $1,200 to $250,” said Jeremy Gardner, managing partner of the investment firm Ausum Ventures and the proprietor of San Francisco’s Crypto Castle, a living space for people working in cryptocurrency. “Hyper-growth followed by a heavy correction isn’t new.”
Bitcoin (BTC) is up 0.94% over the past 24 hours and is currently trading at $6,476.00 on Coinbase. BTC dominance is at 52.4% and the total cryptocurrency market cap is currently at $213 Billion.
