Last week has been tense – and in this Another Week in Crypto, I would like to share with you what I feel and think about what’s happening. And you won’t see any disappointment or weeping here – because I remain certainly positive (though slightly tired). And here’s why.
Not a roller coaster, but a heartbeat
What happens to #BTC these days is not a roller coaster – it’s a heart rate! Look at this chart – don’t you see the gentle #crypto heart beating? Yesterdays’ fall to $4K was nothing but a normal cardiogram peak.
— NOWPayments (@NOWPayments_io) March 13, 2020
On March 2nd, we wrote in ChangeNOW’s Twitter: “It was quite a grave week for the crypto market. Bitcoin lost $1500 in price, while the total market cap dropped by $40 billion”. After that week the price of Bitcoin was the whopping $8760. Today, that ‘graveness’ sounds like a bad joke as you all know what was happening last week. And today, it’s rather tempting to take back my words. But I actually won’t, and a little later I’ll explain why.
When it all started, I felt quite nervous about turning on my phone in the morning and looking up the news – God only knows what could have happened in the several hours I was sleeping. If only me and my marketing team could stay awake 24h to monitor all the news! (Just kidding, actually. It’s important to have a good rest for your immune system. This is what we encourage you to do, too).
In the last few days, Twitter and the whole Internet was flooded with grim reports and lists of advice that I wouldn’t mark as hopeful or reassuring. The mood of the market makes us gripped by panic or, at least, anxiety. This atmosphere makes succumbing to negative emotions the easiest way. And this is the moment where we’re in a great need for an alternative.
ChangeNOW stands for positive thinking and reason in any situation. My team and I consider the current situation as a normal event that takes place sometimes, and actually has a great impact on the industry, which we tend to forget about. Turmoils like the today’s one will most likely wipe out weak and untrusted projects, while the best and the most trustworthy ones will stay. We strongly believe that the crypto market will ultimately benefit from today’s hard times. See ChangeNOW’s statement regarding the situation in full.
People still predict Bitcoin will skyrocket to $20K by the end of 2020. And it’s reasonable to think that in this scenario, the whole crypto market would follow. Bitcoin still gets compared to gold. In the end, last week the new record was set for the number of 1 whole BTC hodlers.
Whatever happens, I urge you to take your emotions under control – and then continue thinking as rationally as possible. Because this strategy seems to be the best one to follow in any tough situation in our life.
And guess what, I’m not alone!
Another person who believes in the power of reason and the destructive nature of panic is Edward Snowden. Look what he wrote in his Twitter:
This is the first time in a while I've felt like buying bitcoin. That drop was too much panic and too little reason.
— Edward Snowden (@Snowden) March 13, 2020
Though I totally support Edward’s statement and fully encourage him to use ChangeNOW to buy Bitcoin, his message stays a little mysterious to me. The main reason for this is that Edward didn’t ultimately state why exactly he feels like buying BTC. It seems like he wanted to emphasize the volatility of the crypto market – which is often considered far as not the best reason to engage, as you know. If he only looked at the price and made this statement, this sounds quite more reasonable.
An interesting point here is that Snowden had criticized Bitcoin in the past. He thinks crypto itself is here to stay because it makes the transactions free of central authorities’ influence, but criticizes Bitcoin for the lack of fundamental value, nature of PoW and PoS consensus algorithms, and the existing blockchain hashing paradigm.
Well, we don’t know yet if Edward has changed his general opinion about Bitcoin – but it would be nice if a cybersecurity rock star like him would join the club. In case you are reading this, Edward, ChangeNOW is always here for you!
Blockchain in China
Another man who publicly spoke for blockchain last week is the President of China Xi Jinping. In his speech, he declared that blockchain can be used to improve governance, to fight coronavirus, and many more.
Last October, Xi Jinping had already supported blockchain and encouraged his country to take “greater effort” to embrace the technology. This move had lead to a surge in Bitcoin price.
Sadly, unlike Edward Snowden, Mr. President has not yet reported feeling like buying Bitcoin. But in his mind, he might be thinking about it – we never know… Fulfilling this dream would require lifting the crypto ban in China though. Even if this doesn’t happen in the foreseeable future, blockchain technology is supposed to be implemented in several fields in China. I’ll follow this topic so that you don’t miss anything important.
According to Pornhub vice president Corey Price, around 10% of model payments are now paid in crypto. This is the option that the models chose themselves. “We’ve found that the high speed and low cost of transactions, combined with the anonymity benefits, make it especially appealing to models over traditional tender”, – Pornhub says.
I’m actually surprised it’s only 10% – because, given all the advantages of crypto, you’d expect to see more workers in the industry to prefer receiving their money this way. What is the reason for this? Maybe payments in crypto are just not palpable enough. Unlike cryptocurrency, you can always touch fiat money. While in this profession, it’s very important to be able to do so…
Thanks for reading!
This was the third Another Week In Crypto with Pauline Shangett. I hope you enjoyed reading it, and see you in a week! Take care.