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March: A successful terror attack on American soil, funded from the Middle East using bitcoin, prompts President Trump to issue a crackdown on cryptocurrencies. January: Futures trading rolls out, but proving the maxim “buy on the rumor, sell on the news”, an overbought bitcoin market slumps to $8,000 and a bear phase sets in.įebruary: Following months of speculation over its balance sheet, Bitfinex/Tether collapses, taking over a billion dollars in customer funds with it. Imagine, for a moment, that 2018 were to unfold as follows: The Counter-Argument: Peak Bitcoin is Already Here Two rich white people discussing cryptocurrency.īut enough of the bitcoin back-slapping – it’s time to play devil’s advocate. Everyone and their grandmother is now buying bitcoin according to the WSJ. “Over the next 10 years the cryptocurrency market will explode… I actually believe that nations will begin issuing digital currencies,” said Chris Concannon on Wednesday.īetween January and November, trading volume at Bitstamp increased by 1,384%. This raw data is bolstered by the quotes of investors, analysts, and experts who all see bitcoin going parabolic.

Bitcoin in 2017 is so steep it’s almost vertical.īitcoin is literally off the charts. Nothing like this has ever been seen before, and may never be seen again in our lifetime. The Wall Street Journal compared bitcoin’s stellar ascent to every other modern asset class and came up wanting. If the last couple of graphs weren’t exponential enough for you, try this one for size.

Like most bitcoin-related charts from 2017, this one is exponential. Then there’s the following effort from Blockchair which shows the number of bitcoin addresses that are loaded with satoshis. If you thought the last few weeks were wild, you ain’t seen nothing. Highly respected crypto assets author Chris Burniske produced the following chart which suggests we’re at the frenzy phase of cryptocurrency. Since everyone’s got a favorite chart, let’s scrutinize a selection that shows bitcoin’s incredible growth and huge potential. We’ll inspect that side of the coin in a moment, but first, let’s hear the case for bitcoin.

INTERNET ICEBERG MEME TV

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. In the interests of playing devil’s advocate, however, let’s consider the alternative. Five years from now and we’ll all be driving whichever meme car happens to be de rigueur among crypto’s nouveau rich. Just hold, we’re told, and by this time next year we’ll be sitting pretty. This is just a fraction of the growth we’ll see once the normies pile in. 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. But what if we’re all wrong? What if it turns out that this is as good as it gets?Īlso read: Trump and the Federal Reserve Are ‘Keeping an Eye on Bitcoin’ Just the TipĮveryone’s got a favorite bitcoin chart. By all reckoning, this is just the tip of the iceberg. Celebrity hangers-on come and go and generic sitcoms move on, but bitcoin refuses to let up. There’s no such thing as a quiet week in bitcoin, but even by its usual agitated standards, this one’s been noisy. Bitcoin web searches exceeding those for Donald Trump.

Katy Perry and Warren Buffet discussing bitcoin.

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