Cryptocurrencies are fascinating as they act as a commodity and are simultaneously a technology application. Bitcoin mining for example gets cheaper as Moore’s Law decreases the price of processors. With this in mind, in 2013, we gave you 15 reasons why Bitcoins were better than gold. Then something bad happened – hackers started to steal bitcoins – tens or hundreds of millions of dollars’ worth at a time. Investors lost a lot of money as a result… 36% in the case of the Bitfinex $71 million hack.
If we look at Bitcoin as a technology, then we should be able to apply generally accepted tech principles to it – specifically the Gartner Hype Cycle. As a reminder, new technology goes through a peak of inflated expectations, a trough of disillusionment and then a slope of enlightenment.
Peter Smith at TechCrunch has some similar thoughts worth checking out… Furthermore, we wrote about Bitcoin’s growth a bit more this past Christmas.
The most recent move towards banning cash in places like Greece can only fuel the desire for global cash alternatives.
If you use the hype cycle chart below it really is amazing how well it matches up with bitcoin prices.
Hype Cycle
By NeedCokeNow – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=27546041
Bitcoin pricing
It’s worth pointing out that part of this growth could also have to to do with the devaluation of the Chinese yuan. Regardless, the near perfect fit of the Bitcoin chart to the Hype Cycle one above tells us there is more at work here than just some large-scale actors in China.
In order to help you understand and profit from this incredible new fintech opportunity, we have brought back The Blockchain Event to ITEXPO… We launched it there last year and it gained tremendous interest. Popular demand made us bring it back.
Here are just a few of the topics to be discussed, Feb 8-10 in Fort Lauderdale, FL.:
- Blockchain Training
- Internet of Value
- Web 3.0, Decentralization & Cryptography
- Emerging Opportunities
- Regulations & Policy for a Decentralized World
- Speculating on the Future
We are especially excited to be bringing this event to South Florida as we acknowledge the success mobile payment companies like Yellow Pepper are having in nearby Latin America.
We hope to see you at the show in a few weeks in sunny Florida where we’ll get to experience the year of Blockchain, Bitcoin and FinTech together. Register now.
